Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2018shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | NUE |
Entity Registrant Name | NUCOR CORP |
Entity Central Index Key | 73,309 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 318,096,634 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Income Statement [Abstract] | ||
Net sales | $ 5,568,419 | $ 4,815,179 |
Costs, expenses and other: | ||
Cost of products sold | 4,842,013 | 4,054,929 |
Marketing, administrative and other expenses | 182,960 | 176,426 |
Equity in earnings of unconsolidated affiliates | (9,580) | (8,756) |
Interest expense, net | 37,114 | 43,605 |
Costs, expenses and other, total | 5,052,507 | 4,266,204 |
Earnings before income taxes and noncontrolling interests | 515,912 | 548,975 |
Provision for income taxes | 135,800 | 171,327 |
Net earnings | 380,112 | 377,648 |
Earnings attributable to noncontrolling interests | 25,933 | 20,749 |
Net earnings attributable to Nucor stockholders | $ 354,179 | $ 356,899 |
Net earnings per share: | ||
Basic | $ 1.11 | $ 1.11 |
Diluted | $ 1.10 | $ 1.11 |
Average shares outstanding: | ||
Basic | 319,421 | 320,224 |
Diluted | 320,474 | 321,146 |
Dividends declared per share | $ 0.3800 | $ 0.3775 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Statement Of Comprehensive Income [Abstract] | ||
Net earnings | $ 380,112 | $ 377,648 |
Other comprehensive income: | ||
Net unrealized loss on hedging derivatives, net of income taxes of $500 and ($1,000) for the first quarter of 2018 and 2017, respectively | (752) | (1,635) |
Reclassification adjustment for settlement of hedging derivatives included in net income, net of income taxes of $0 and $300 for the first quarter of 2018 and 2017, respectively | (48) | 485 |
Foreign currency translation gain, net of income taxes of $0 for both the first quarter of 2018 and 2017 | 6,115 | 2,001 |
Net current-period other comprehensive (loss) income | 5,315 | 851 |
Comprehensive income | 385,427 | 378,499 |
Comprehensive income attributable to noncontrolling interests | (25,933) | (20,749) |
Comprehensive income attributable to Nucor stockholders | $ 359,494 | $ 357,750 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Statement Of Comprehensive Income [Abstract] | ||
Net unrealized income (loss) on hedging derivatives, tax | $ 500 | $ (1,000) |
Reclassification adjustment for loss on settlement of hedging derivatives included in net income, tax effect | 0 | 300 |
Foreign currency translation gain (loss) tax | $ 0 | $ 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 760,254 | $ 949,104 |
Short-term investments | 50,000 | |
Accounts receivable, net | 2,371,758 | 2,028,545 |
Inventories, net | 3,708,503 | 3,461,686 |
Other current assets | 238,701 | 335,085 |
Total current assets | 7,079,216 | 6,824,420 |
Property, plant and equipment, net | 5,090,890 | 5,093,147 |
Goodwill | 2,195,565 | 2,196,058 |
Other intangible assets, net | 892,121 | 914,646 |
Other assets | 863,454 | 812,987 |
Total assets | 16,121,246 | 15,841,258 |
Current liabilities: | ||
Short-term debt | 74,036 | 52,833 |
Long-term debt due within one year | 500,000 | 500,000 |
Accounts payable | 1,329,902 | 1,181,346 |
Salaries, wages and related accruals | 338,045 | 516,660 |
Accrued expenses and other current liabilities | 602,598 | 573,925 |
Total current liabilities | 2,844,581 | 2,824,764 |
Long-term debt due after one year | 3,242,865 | 3,242,242 |
Deferred credits and other liabilities | 710,881 | 689,464 |
Total liabilities | 6,798,327 | 6,756,470 |
Nucor stockholders' equity: | ||
Common stock | 152,061 | 151,960 |
Additional paid-in capital | 2,041,297 | 2,021,339 |
Retained earnings | 8,696,007 | 8,463,709 |
Accumulated other comprehensive loss, net of income taxes | (249,366) | (254,681) |
Treasury stock | (1,663,972) | (1,643,291) |
Total Nucor stockholders' equity | 8,976,027 | 8,739,036 |
Noncontrolling interests | 346,892 | 345,752 |
Total equity | 9,322,919 | 9,084,788 |
Total liabilities and equity | $ 16,121,246 | $ 15,841,258 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Operating activities: | ||
Net earnings | $ 380,112 | $ 377,648 |
Adjustments: | ||
Depreciation | 158,665 | 158,525 |
Amortization | 22,453 | 22,368 |
Stock-based compensation | 10,463 | 9,524 |
Deferred income taxes | 29,988 | (6,695) |
Distributions from affiliates | 25,150 | 30,249 |
Equity in earnings of unconsolidated affiliates | (9,580) | (8,756) |
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | ||
Accounts receivable | (343,982) | (290,261) |
Inventories | (246,933) | (519,902) |
Accounts payable | 157,836 | 413,256 |
Federal income taxes | 86,746 | 157,346 |
Salaries, wages and related accruals | (171,626) | (102,744) |
Other operating activities | 28,629 | 3,584 |
Cash provided by operating activities | 127,921 | 244,142 |
Investing activities: | ||
Capital expenditures | (172,203) | (94,535) |
Investment in and advances to affiliates | (55,901) | (14,000) |
Disposition of plant and equipment | 5,967 | 8,870 |
Acquisitions (net of cash acquired) | (485,060) | |
Purchases of investments | (50,000) | |
Proceeds from the sale of investments | 50,000 | 150,000 |
Other investing activities | 975 | |
Cash used in investing activities | (171,162) | (484,725) |
Financing activities: | ||
Net change in short-term debt | 21,203 | 30,180 |
Issuance of common stock | 15,312 | 7,432 |
Payment of tax withholdings on certain stock-based compensation | (4,430) | (1,349) |
Distributions to noncontrolling interests | (24,793) | (61,544) |
Cash dividends | (121,787) | (121,303) |
Acquisition of treasury stock | (29,193) | |
Other financing activities | (1,844) | (518) |
Cash used in financing activities | (145,532) | (147,102) |
Effect of exchange rate changes on cash | (77) | (517) |
Decrease in cash and cash equivalents | (188,850) | (388,202) |
Cash and cash equivalents-beginning of year | 949,104 | 2,045,961 |
Cash and cash equivalents-end of three months | 760,254 | 1,657,759 |
Non-cash investing activity: | ||
Change in accrued plant and equipment purchases and assets recorded under capital lease arrangements | $ (9,396) | $ (11,222) |
Basis of Interim Presentation
Basis of Interim Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Interim Presentation | 1. BASIS OF INTERIM PRESENTATION: The information furnished in this Item 1 reflects all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented and are of a normal and recurring nature unless otherwise noted. The information furnished has not been audited; however, the December 31, 2017 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements in this Item 1 should be read in conjunction with the audited consolidated financial statements and the notes thereto included in Nucor’s Annual Report on Form 10-K Reclassifications – In the first quarter of 2018, the Company began reporting its tubular products and piling businesses as part of the steel products segment. These businesses were previously included in the steel mills segment. As a result, certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications did not have an impact on the condensed consolidated financial statements and cash flows of the Company for the prior period presented. See Note 15 for more information related to this segment realignment. Recently Adopted Accounting Pronouncements – In the first quarter of 2018, we adopted new accounting guidance related to revenue recognition for all contracts using the modified retrospective method. The modified retrospective method requires that the cumulative effect of initially applying this new guidance be recorded as an adjustment to the opening balance of retained earnings in the condensed consolidated balance sheet. The adoption of this new accounting guidance did not have an impact on any prior period earnings attributable to Nucor stockholders, and no adjustment was recorded to the opening retained earnings balance as of January 1, 2018. Retrospective adjustment of comparative prior period information is not required when using the modified retrospective adoption method, and no comparative prior periods have been adjusted for the new guidance. The adoption of the new revenue accounting guidance did not significantly change the way we recognize revenue. To illustrate this, if we had continued using the previous accounting guidance in effect before the adoption of the new revenue accounting guidance, our consolidated net sales for the first quarter of 2018 would have increased approximately $10.2 million, or 0.2%, and cost of products sold would have increased by the same amount. There would have been no impact on any other financial statement line items in the condensed consolidated financial statements for the first quarter of 2018. See Note 16 for disclosures required by the new revenue accounting guidance. In the first quarter of 2018, we adopted new accounting guidance 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 the first quarter of 2018, we adopted new accounting guidance 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 adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. In the first quarter of 2018, we adopted new accounting guidance 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 adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements— 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 new guidance 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, but the Company expects that assets and liabilities will increase on its consolidated balance sheet. In February 2018, new accounting guidance was issued regarding the tax effects of the Tax Cuts and Jobs Act. The new guidance allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act to improve the usefulness of information reported to financial statement users. The new guidance is effective for the Company for annual and interim reporting periods beginning after December 15, 2018. The Company does not expect the adoption of this new guidance to have a material impact on its consolidated financial statements. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. INVENTORIES: Inventories consisted of approximately 41% raw materials and supplies and 59% finished and semi-finished products at March 31, 2018 (42% and 58%, respectively, at December 31, 2017). 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. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 3. PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is recorded net of accumulated depreciation of $8.84 billion at March 31, 2018 ($8.70 billion at December 31, 2017). Given the natural gas pricing environment, Nucor performed an impairment assessment of its proved producing natural gas well assets in December 2017. 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. Management also makes key estimates on the expected reserve levels and on the expected drilling production costs. 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. The combined carrying value of the three groups of wells was $246.4 million at March 31, 2018 ($252.0 million at December 31, 2017). 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, the estimated reserves or the estimated drilling production costs. Unfavorable revisions to these assumptions or estimates could possibly result in an impairment of some or all of the groups of proved well assets. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 4. GOODWILL AND OTHER INTANGIBLE ASSETS: The change in the net carrying amount of goodwill for the three months ended March 31, 2018 by segment was as follows (in thousands): Steel Mills Steel Products Raw Materials Total Balance at December 31, 2017 $ 745,484 $ 720,997 $ 729,577 $ 2,196,058 Translation — (493 ) — (493 ) Reclassifications (153,498 ) 153,498 — — Balance at March 31, 2018 $ 591,986 $ 874,002 $ 729,577 $ 2,195,565 Previously, Nucor’s tubular products and piling businesses were reported in the steel mills segment. Beginning in the first quarter of 2018, these businesses were reclassified to the steel products segment to better reflect the way in which they are viewed by management. Nucor completed its most recent annual goodwill impairment testing during the fourth quarter of 2017 and concluded that as of such time there was no impairment of goodwill for any of its reporting units. There have been no triggering events requiring an interim assessment for impairment since the most recent annual goodwill impairment testing date. Intangible assets with estimated useful lives of five to 22 years are amortized on a straight-line or accelerated basis and were comprised of the following as of March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 December 31, 2017 Gross Accumulated Gross Accumulated Customer relationships $ 1,420,166 $ 659,469 $ 1,420,224 $ 641,089 Trademarks and trade names 176,457 79,833 176,471 77,208 Other 62,807 28,007 62,805 26,557 $ 1,659,430 $ 767,309 $ 1,659,500 $ 744,854 Intangible asset amortization expense for the first quarter of 2018 and 2017 was $22.5 million and $22.4 million, respectively. Annual amortization expense is estimated to be $88.6 million in 2018; $86.7 million in 2019; $84.4 million in 2020; $83.1 million in 2021; and $80.8 million in 2022. |
Equity Investments
Equity Investments | 3 Months Ended |
Mar. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | 5. EQUITY INVESTMENTS: The carrying value of our equity investments in domestic and foreign companies was $798.7 million at March 31, 2018 ($750.1 million at December 31, 2017) and is recorded in other assets in the condensed consolidated balance sheets. 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 26 sheet processing facilities located throughout the United States, Canada and Mexico. Nucor accounts for the investment in NuMit (on a one-month DUFERDOFIN NUCOR Nucor has 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 March 31, 2018 was $292.6 million ($285.9 million at December 31, 2017). Nucor’s 50% share of the total net assets of Duferdofin Nucor was $120.8 million at March 31, 2018, resulting in a basis difference of $171.8 million due to the step-up step-up As of March 31, 2018, Nucor had outstanding notes receivable of €35.0 million ($43.1 million) from Duferdofin Nucor (€35.0 million, or $41.9 million, as of December 31, 2017). The notes receivable bear interest at 0.83% and reset annually on September 30 to the 12-month Euro Interbank Offered Rate plus 1% per year. The maturity date of the principal amounts was extended to January 31, 2022 during the first quarter of 2018. As of March 31, 2018 and December 31, 2017, the notes receivable were classified in other assets in the condensed consolidated balance sheets. Nucor has issued a guarantee for its ownership percentage (50%) of Duferdofin Nucor’s borrowings under Facility A of a Structured Trade Finance Facilities Agreement (“Facility A”). The fair value of the guarantee is immaterial. The maximum amount Duferdofin Nucor could borrow under Facility A was €122.5 million ($150.9 million) at March 31, 2018. As of March 31, 2018, there was €122.5 million ($150.9 million) outstanding under that facility (€122.5 million, or $146.7 million, as of December 31, 2017). In April 2018, Duferdofin Nucor amended and extended Facility A. The maximum amount Duferdofin Nucor can borrow under the amended agreement is €160.0 million ($197.1 million) and it matures on April 16, 2021. 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. NUCOR-JFE Nucor owns a 50% economic and voting interest in Nucor-JFE Steel Mexico, S. de R.L. de C.V. (“Nucor-JFE”), a 50-50 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. Nucor last assessed its equity investment in Duferdofin Nucor for impairment during the fourth quarter of 2017 due to the protracted challenging steel market conditions in Europe. After completing its assessment, the Company determined that the estimated fair value exceeded its carrying amount by a sufficient amount and that there was no need to record an impairment charge. The assumptions that most significantly affect the fair value determination include projected revenues and the discount rate. It is reasonably possible that material deviation of future performance from the estimates used in our most recent valuation could result in 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 | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Current Liabilities | 6. CURRENT LIABILITIES: Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $71.1 million at March 31, 2018 ($139.2 million at December 31, 2017). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $121.9 million at March 31, 2018 ($121.8 million at December 31, 2017). |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. FAIR VALUE MEASUREMENTS: The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of March 31, 2018 and December 31, 2017 (in thousands). Nucor does not have any non-financial non-financial Fair Value Measurements at Reporting Date Description Carrying Quoted Prices Significant Significant As of March 31, 2018 Assets: Cash equivalents $ 254,494 $ 254,494 $ — $ — Commodity contracts 3,245 — 3,245 — Total assets $ 257,739 $ 254,494 $ 3,245 $ — Liabilities: Commodity and foreign exchange contracts $ (6,302 ) $ — $ (6,302 ) $ — As of December 31, 2017 Assets: Cash equivalents $ 594,946 $ 594,946 $ — $ — Short-term investments 50,000 50,000 — — Foreign exchange contracts 479 — 479 — Total assets $ 645,425 $ 644,946 $ 479 $ — Liabilities: Commodity contracts $ (8,531 ) $ — $ (8,531 ) $ — 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 observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices and spot and future exchange rates. The fair value of short-term and long-term debt, including current maturities, was approximately $4.13 billion at March 31, 2018 ($4.19 billion at December 31, 2017). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at March 31, 2018 and December 31, 2017, or similar debt with the same maturities, ratings and interest rates. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 8. 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 $16.8 million of accrued environmental costs at March 31, 2018 ($17.1 million at December 31, 2017), $4.5 million was classified in accrued expenses and other current liabilities ($3.8 million at December 31, 2017) and $12.3 million was classified in deferred credits and other liabilities ($13.3 million at December 31, 2017). Inherent uncertainties exist in these estimates primarily due to unknown conditions, evolving remediation technology and changing governmental regulations and legal standards. We are from time to time a party to various 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 with self-insurance limits for certain risks. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 9. STOCK-BASED COMPENSATION: Overview – The Company maintains the Nucor Corporation 2014 Omnibus Incentive Compensation Plan (the “Omnibus Plan”) under which the Company may award stock-based compensation to key employees and non-employee The Company also maintains a number of inactive plans under which stock-based awards remain outstanding but no further awards may be made. As of March 31, 2018, 2.1 million shares were reserved for issuance upon the future settlement of outstanding awards under such inactive plans. 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 for the first quarter of 2018 is as follows (in thousands, except years and per share amounts): Shares Weighted - Weighted - Aggregate Number of shares under stock options: Outstanding at beginning of year 4,106 $ 47.96 Granted — — Exercised (288 ) $ 42.64 $ 7,253 Canceled — — Outstanding at March 31, 2018 3,818 $ 48.36 6.9 years $ 48,614 Stock options exercisable at March 31, 2018 1,521 $ 43.53 4.9 years $ 26,701 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 will not become retirement-eligible prior to the end of the vesting term is recognized on a straight-line basis over the vesting period. Compensation expense for stock options was $0.4 million in the first quarter of 2018 ($0.3 million in the first quarter of 2017). As of March 31, 2018, unrecognized compensation expense related to stock options was $1.8 million, which is expected to be recognized over a weighted-average period of 1.8 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 will not become retirement-eligible prior to the end of the vesting term 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 an RSU is determined based on the closing stock price of Nucor’s common stock on the date of the grant. A summary of Nucor’s RSU activity for the first quarter of 2018 is as follows (shares in thousands): Shares Grant Date Restricted stock units: Unvested at beginning of year 1,071 $ 52.62 Granted — — Vested (8 ) $ 53.99 Canceled (5 ) $ 53.51 Unvested at March 31, 2018 1,058 $ 52.60 Compensation expense for RSUs was $5.7 million in the first quarter of 2018 ($5.0 million in the first quarter of 2017). As of March 31, 2018, unrecognized compensation expense related to unvested RSUs was $29.2 million, which is expected to be recognized over a weighted-average period of 1.9 years. Restricted Stock Awards – Prior to their expiration effective December 31, 2017, the Nucor Corporation Senior Officers Long-Term Incentive Plan and the Nucor Corporation Senior Officers Annual Incentive Plan authorized the award of shares of common stock to officers subject to certain conditions and restrictions. Effective January 1, 2018, the Company adopted supplements to the Omnibus Plan with terms that permit the award of shares of common stock to officers subject to the conditions and restrictions described below, which are substantially similar to those of the expired Senior Officers Long-Term Incentive Plan and Senior Officers Annual Incentive Plan. The expired Senior Officers Long-Term Incentive Plan, together with the applicable supplement, is referred to below as the “LTIP,” and the expired Senior Officers Annual Incentive Plan, together with the applicable supplement, is referred to below as the “AIP.” 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 for the first quarter of 2018 is as follows (shares in thousands): Shares Grant Date Restricted stock awards and units: Unvested at beginning of year 91 $ 54.50 Granted 256 $ 67.68 Vested (212 ) $ 64.99 Canceled — — Unvested at March 31, 2018 135 $ 62.99 Compensation expense for common stock and common stock units awarded under the AIP and LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was $4.4 million in the first quarter of 2018 ($4.3 million in the first quarter of 2017). As of March 31, 2018, unrecognized compensation expense related to unvested restricted stock awards was $2.7 million, which is expected to be recognized over a weighted-average period of 2.2 years. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 10. EMPLOYEE BENEFIT PLAN: Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $51.7 million and $54.0 million in the first quarter of 2018 and 2017, respectively. The related liability for these benefits is included in salaries, wages and related accruals in the condensed consolidated balance sheets. |
Interest Expense (Income)
Interest Expense (Income) | 3 Months Ended |
Mar. 31, 2018 | |
Banking and Thrift, Interest [Abstract] | |
Interest Expense (Income) | 11. INTEREST EXPENSE (INCOME): The components of net interest expense for the first quarter of 2018 and 2017 are as follows (in thousands): Three Months (13 Weeks) Ended March 31, 2018 April 1, 2017 Interest expense $ 40,178 $ 46,300 Interest income (3,064 ) (2,695 ) Interest expense, net $ 37,114 $ 43,605 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES: The effective tax rate for the first quarter of 2018 was 26.3% compared to 31.2% for the first quarter of 2017. The decrease in the effective tax rate for the first quarter of 2018 as compared to the first quarter of 2017 was primarily due to the permanent lowering of the U.S. corporate federal income tax rate from 35% to 21% effective for the years beginning after December 31, 2017 under the Tax Cuts and Jobs Act (the “Tax Reform Act”). This decrease was somewhat offset by increases in the effective tax rate due to the elimination of the domestic manufacturing deduction under the Tax Reform Act and the write-off Nucor has concluded U.S. federal income tax matters for years through 2013. The tax years 2014 through 2016 remain open to examination by the Internal Revenue Service. The Canada Revenue Agency has substantially concluded its examination of the 2012 and 2013 Canadian returns for Harris Steel Group Inc. and certain related affiliates. The tax years 2010 through 2016 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions). Non-current Non-current |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | 13. STOCKHOLDERS’ EQUITY: The following tables reflect the changes in stockholders’ equity attributable to both Nucor and the noncontrolling interests of Nucor’s joint ventures, primarily Nucor-Yamato Steel Company (Limited Partnership), of which Nucor owns 51%, for the three months ended March 31, 2018 and April 1, 2017 (in thousands): Attributable to Attributable to Total Stockholders’ equity at December 31, 2017 $ 8,739,036 $ 345,752 $ 9,084,788 Total comprehensive income 359,494 25,933 385,427 Stock options 12,630 — 12,630 Issuance of stock under award plans, net of forfeitures 15,240 — 15,240 Amortization of unearned compensation 700 — 700 Treasury stock acquired (29,193 ) — (29,193 ) Dividends declared (121,880 ) — (121,880 ) Distributions to noncontrolling interests — (24,793 ) (24,793 ) Stockholders’ equity at March 31, 2018 $ 8,976,027 $ 346,892 $ 9,322,919 Attributable to Attributable to Total Stockholders’ equity at December 31, 2016 $ 7,879,865 $ 374,843 $ 8,254,708 Total comprehensive income 357,750 20,749 378,499 Stock options 3,785 — 3,785 Issuance of stock under award plans, net of forfeitures 13,633 — 13,633 Amortization of unearned compensation 400 — 400 Dividends declared (121,410 ) — (121,410 ) Distributions to noncontrolling interests — (61,544 ) (61,544 ) Stockholders’ equity at April 1, 2017 $ 8,134,023 $ 334,048 $ 8,468,071 In September 2015, the Company announced that the Board of Directors had approved a share repurchase program under which the Company is authorized to repurchase up to $900.0 million of the Company’s common stock. This $900.0 million share repurchase program has no stated expiration and replaced any previously authorized repurchase programs. As of March 31, 2018, the Company had approximately $708.9 million remaining available for share repurchases under the program. The Company expects any share repurchases to be made through purchases from time to time in the open market at prevailing market prices, through private transactions or block trades. The timing and amount of any repurchases will depend on market conditions, share price, applicable legal requirements and other factors. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 14. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): The following tables reflect the changes in other accumulated comprehensive income (loss) by component for the three-month periods ended March 31, 2018 and April 1, 2017 (in thousands): Three-Months (13-Weeks) March 31, 2018 Gains and Losses on Foreign Currency Adjustment to Early Total Accumulated other comprehensive income (loss) at December 31, 2017 $ (2,800 ) $ (257,513 ) $ 5,632 $ (254,681 ) Other comprehensive income (loss) before reclassifications (752 ) 6,115 — 5,363 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) (48 ) — — (48 ) Net current-period other comprehensive income (loss) (800 ) 6,115 — 5,315 Accumulated other comprehensive income (loss) at March 31, 2018 $ (3,600 ) $ (251,398 ) $ 5,632 $ (249,366 ) Three-Months (13-Weeks) April 1, 2017 Gains and Losses on Foreign Currency Adjustment to Early Total Accumulated other comprehensive income (loss) at December 31, 2016 $ 750 $ (326,170 ) $ 7,577 $ (317,843 ) Other comprehensive income (loss) before reclassifications (1,635 ) 2,001 — 366 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) 485 — — 485 Net current-period other comprehensive income (loss) (1,150 ) 2,001 — 851 Accumulated other comprehensive income (loss) at April 1, 2017 $ (400 ) $ (324,169 ) $ 7,577 $ (316,992 ) (1) Includes $(48) and $485 of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2018 and 2017, respectively. The tax impacts of those reclassifications were $0 and $300 in the first quarter of 2018 and 2017, respectively. |
Segments
Segments | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segments | 15. 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 trading businesses; rebar distribution businesses; and Nucor’s equity method investments in Duferdofin Nucor, NuMit and Nucor-JFE. 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, tubular products businesses, piling products business, and wire and wire mesh. The raw materials segment includes The David J. Joseph Company and its affiliates, primarily a scrap broker and processor; Nu-Iron Previously, Nucor’s tubular products and piling products businesses were reported in the steel mills segment. Beginning in the first quarter of 2018, these businesses were reclassified to the steel products segment as part of a realignment of Nucor’s reportable segments to reflect the way in which they are now viewed by management and how segment performance assessments will be made by the chief operating decision maker beginning in such period. The segment data for the comparable period has also been reclassified into the steel products segment in order to conform to the current year presentation. The steel mills, steel products and raw materials segments are consistent with the way Nucor manages its business, which is primarily based upon the similarity of the types of products produced and sold by each segment. Additionally, the composition of assets by segment at December 31, 2017 was reclassified to conform to the current year presentation. This reclassification between segments did not have any impact on the consolidated asset balances. Net interest expense, other income, profit sharing expense 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. Nucor’s results by segment for the first quarter of 2018 and 2017 were as follows (in thousands): Three Months (13 Weeks) Ended March 31, 2018 April 1, 2017 Net sales to external customers: Steel mills $ 3,580,694 $ 3,190,507 Steel products 1,468,711 1,212,357 Raw materials 519,014 412,315 $ 5,568,419 $ 4,815,179 Intercompany sales: Steel mills $ 898,326 $ 658,360 Steel products 35,770 29,701 Raw materials 2,608,944 2,178,639 Corporate/eliminations (3,543,040 ) (2,866,700 ) $ — $ — Earnings (loss) before income taxes and noncontrolling interests: Steel mills $ 560,503 $ 644,183 Steel products 85,814 66,919 Raw materials 74,547 26,391 Corporate/eliminations (204,952 ) (188,518 ) $ 515,912 $ 548,975 March 31, 2018 Dec. 31, 2017 Segment assets: Steel mills $ 8,147,875 $ 7,671,217 Steel products 4,407,472 4,323,907 Raw materials 3,567,900 3,396,110 Corporate/eliminations (2,001 ) 450,024 $ 16,121,246 $ 15,841,258 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 16. REVENUE: Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs upon shipment or when control is transferred. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the goods. In addition, revenue is deferred when cash payments are received or due in advance of performance. The durations of Nucor’s contracts with customers are generally one year or less. Customer payment terms are generally 30 days. Contract liabilities are primarily related to deferred revenue resulting from cash payments received in advance from customers to protect against credit risk. Contract liabilities totaled $97.6 million as of March 31, 2018 ($72.3 million as of December 31, 2017), and are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. The amount of revenue reclassified from the December 31, 2017 contract liabilities balance during the first three months of 2018 was approximately $41.4 million. The following table disaggregates our revenue by major source for the three months ended March 31, 2018 (in thousands): Three Months (13 Weeks) Ended March 31, 2018 Steel Mills Steel Products Raw Materials Total Sheet $ 1,666,220 $ 1,666,220 Bar 1,090,147 1,090,147 Structural 396,697 396,697 Plate 427,630 427,630 Tubular Products $ 311,228 311,228 Rebar Fabrication 329,219 329,219 Other Steel Products 828,264 828,264 Raw Materials $ 519,014 519,014 $ 3,580,694 $ 1,468,711 $ 519,014 $ 5,568,419 Steel Mills Segment Sheet – For the majority of sheet products, we transfer control and recognize a sale when we ship the product from the sheet mill to our customer. The amount of consideration we receive and revenue we recognize for spot market sales are based upon prevailing prices at the time of sale. The amount of consideration we receive and revenue we recognize for contract customers are based primarily on pricing formulae that permit price adjustments to reflect changes in the current market-based indices and/or raw material costs near the time of shipment. The amount of tons sold to contract customers at any given time depends on a variety of factors, including our consideration of current and future market conditions, our strategy to appropriately balance spot and contract tons in a manner to meet our customers’ requirements while considering the expected profitability, our desire to sustain a diversified customer base and our end-use customers’ Bar, Structural and Plate – For the majority of bar, structural and plate products, we transfer control and recognize a sale when we ship the product from the mill to our customer. The significant majority of bar, structural and plate product sales are spot market sales, and the amount of consideration we receive and revenue we recognize for those sales are based upon prevailing prices at the time of sale. Steel Products Segment Tubular Products – The tubular products businesses transfer control and recognize a sale when the product is shipped from our operating location to our customer. The significant majority of tubular product sales are spot market sales, and the amount of consideration we receive and revenue we recognize for those sales are based upon prevailing prices at the time of sale. Rebar Fabrication – The majority of revenue for our rebar fabrication businesses relates to revenue from contracts with customers for the supply of fabricated rebar. For the majority of these transactions, we transfer control and recognize a sale when the products are shipped from our operating locations and collection is reasonably assured. Provisions for losses on incomplete contracts are made in the period in which such losses are determined. Our rebar fabrication businesses also generate a significant amount of revenue from contracts with customers in which it supplies fabricated rebar and installs it at the customer’s job site. There are two performance obligations for these types of contracts: the supply of the fabricated rebar and installation of the supplied rebar at the customer’s job site. For the supply of fabricated rebar performance obligation, we transfer control and recognize a sale when the product is delivered to our customer’s job site. The transaction price allocated to this performance obligation is determined at the start of the contract, based on the then current market price for supplied fabricated rebar. For the installation performance obligation, we transfer control and recognize a sale when the delivered material is installed. The transaction price allocated to this performance obligation is determined at the start of the contract, based on the then current market price for the installation of fabricated rebar. Variable consideration occurring from change orders and price escalations caused by changes in underlying material costs for previously satisfied performance obligations are recognized cumulatively in the period in which management believes that the amount of consideration is changed and collection is reasonably assured. Management reviews these situations on a case-by-case Other Steel Products – Other steel products include our joist, deck, cold finish, metal building systems, piling and the other remaining businesses that comprise the steel products segment. Generally for these businesses, we transfer control and recognize a sale when we ship the product from our operating location to our customer. The amount of consideration we receive and revenue we recognize for those sales are agreed upon with the customer before the product is shipped. Raw Materials Segment The majority of the raw materials segment revenue from outside customers is generated by The David J. Joseph Company and its affiliates. We transfer control and recognize a sale based on the terms of the agreement with the customer, which is generally when the product has met the delivery requirements. The amount of consideration we receive and revenue we recognize for those sales is based on the contract with the customer, which generally reflects current market prices at the time the contract is entered into. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 17. EARNINGS PER SHARE: The computations of basic and diluted net earnings per share for the first quarter of 2018 and 2017 are as follows (in thousands, except per share amounts): Three Months (13 Weeks) Ended March 31, 2018 April 1, 2017 Basic net earnings per share: Basic net earnings $ 354,179 $ 356,899 Earnings allocated to participating securities (1,181 ) (1,192 ) Net earnings available to common stockholders $ 352,998 $ 355,707 Average shares outstanding 319,421 320,224 Basic net earnings per share $ 1.11 $ 1.11 Diluted net earnings per share: Diluted net earnings $ 354,179 $ 356,899 Earnings allocated to participating securities (1,177 ) (1,188 ) Net earnings available to common stockholders $ 353,002 $ 355,711 Diluted average shares outstanding: Basic shares outstanding 319,421 320,224 Dilutive effect of stock options and other 1,053 922 320,474 321,146 Diluted net earnings per share $ 1.10 $ 1.11 There were no stock options excluded from the computation of diluted net earnings per share for either the first quarter of 2018 or 2017 because their effect would have been anti-dilutive. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. SUBSEQUENT EVENTS: We evaluate events occurring after the date of our accompanying condensed consolidated balance sheets for potential recognition or disclosure in our financial statements. In April 2018, Nucor issued $500.0 million of 3.950% notes due 2028 and $500.0 million of 4.400% notes due 2048. Net proceeds of the issuances were approximately $986.1 million. Costs of $11.9 million associated with the issuances have been capitalized and will be amortized over the life of the notes. In April 2018, Nucor amended and restated its revolving credit facility to extend the maturity date to April 2023. To date, no amounts have ever been borrowed on this facility. |
Basis of Interim Presentation (
Basis of Interim Presentation (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications | Reclassifications – In the first quarter of 2018, the Company began reporting its tubular products and piling businesses as part of the steel products segment. These businesses were previously included in the steel mills segment. As a result, certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications did not have an impact on the condensed consolidated financial statements and cash flows of the Company for the prior period presented. See Note 15 for more information related to this segment realignment. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements – In the first quarter of 2018, we adopted new accounting guidance related to revenue recognition for all contracts using the modified retrospective method. The modified retrospective method requires that the cumulative effect of initially applying this new guidance be recorded as an adjustment to the opening balance of retained earnings in the condensed consolidated balance sheet. The adoption of this new accounting guidance did not have an impact on any prior period earnings attributable to Nucor stockholders, and no adjustment was recorded to the opening retained earnings balance as of January 1, 2018. Retrospective adjustment of comparative prior period information is not required when using the modified retrospective adoption method, and no comparative prior periods have been adjusted for the new guidance. The adoption of the new revenue accounting guidance did not significantly change the way we recognize revenue. To illustrate this, if we had continued using the previous accounting guidance in effect before the adoption of the new revenue accounting guidance, our consolidated net sales for the first quarter of 2018 would have increased approximately $10.2 million, or 0.2%, and cost of products sold would have increased by the same amount. There would have been no impact on any other financial statement line items in the condensed consolidated financial statements for the first quarter of 2018. See Note 16 for disclosures required by the new revenue accounting guidance. In the first quarter of 2018, we adopted new accounting guidance 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 the first quarter of 2018, we adopted new accounting guidance 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 adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. In the first quarter of 2018, we adopted new accounting guidance 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 adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements— 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 new guidance 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, but the Company expects that assets and liabilities will increase on its consolidated balance sheet. |
Goodwill and Other Intangible26
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Change in Net Carrying Amount of Goodwill by Segment | 4. GOODWILL AND OTHER INTANGIBLE ASSETS: The change in the net carrying amount of goodwill for the three months ended March 31, 2018 by segment was as follows (in thousands): Steel Mills Steel Products Raw Materials Total Balance at December 31, 2017 $ 745,484 $ 720,997 $ 729,577 $ 2,196,058 Translation — (493 ) — (493 ) Reclassifications (153,498 ) 153,498 — — Balance at March 31, 2018 $ 591,986 $ 874,002 $ 729,577 $ 2,195,565 |
Schedule of Intangible Assets | Intangible assets with estimated useful lives of five to 22 years are amortized on a straight-line or accelerated basis and were comprised of the following as of March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 December 31, 2017 Gross Accumulated Gross Accumulated Customer relationships $ 1,420,166 $ 659,469 $ 1,420,224 $ 641,089 Trademarks and trade names 176,457 79,833 176,471 77,208 Other 62,807 28,007 62,805 26,557 $ 1,659,430 $ 767,309 $ 1,659,500 $ 744,854 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | 7. FAIR VALUE MEASUREMENTS: The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of March 31, 2018 and December 31, 2017 (in thousands). Nucor does not have any non-financial non-financial Fair Value Measurements at Reporting Date Description Carrying Quoted Prices Significant Significant As of March 31, 2018 Assets: Cash equivalents $ 254,494 $ 254,494 $ — $ — Commodity contracts 3,245 — 3,245 — Total assets $ 257,739 $ 254,494 $ 3,245 $ — Liabilities: Commodity and foreign exchange contracts $ (6,302 ) $ — $ (6,302 ) $ — As of December 31, 2017 Assets: Cash equivalents $ 594,946 $ 594,946 $ — $ — Short-term investments 50,000 50,000 — — Foreign exchange contracts 479 — 479 — Total assets $ 645,425 $ 644,946 $ 479 $ — Liabilities: Commodity contracts $ (8,531 ) $ — $ (8,531 ) $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Plans Activity | A summary of activity under Nucor’s stock option plans for the first quarter of 2018 is as follows (in thousands, except years and per share amounts): Shares Weighted - Weighted - Aggregate Number of shares under stock options: Outstanding at beginning of year 4,106 $ 47.96 Granted — — Exercised (288 ) $ 42.64 $ 7,253 Canceled — — Outstanding at March 31, 2018 3,818 $ 48.36 6.9 years $ 48,614 Stock options exercisable at March 31, 2018 1,521 $ 43.53 4.9 years $ 26,701 |
Summary of Nucor's RSU Activity | A summary of Nucor’s RSU activity for the first quarter of 2018 is as follows (shares in thousands): Shares Grant Date Restricted stock units: Unvested at beginning of year 1,071 $ 52.62 Granted — — Vested (8 ) $ 53.99 Canceled (5 ) $ 53.51 Unvested at March 31, 2018 1,058 $ 52.60 |
Summary of Nucor's Restricted Stock Activity under AIP and LTIP | A summary of Nucor’s restricted stock activity under the AIP and the LTIP for the first quarter of 2018 is as follows (shares in thousands): Shares Grant Date Restricted stock awards and units: Unvested at beginning of year 91 $ 54.50 Granted 256 $ 67.68 Vested (212 ) $ 64.99 Canceled — — Unvested at March 31, 2018 135 $ 62.99 |
Interest Expense (Income) (Tabl
Interest Expense (Income) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Components of Net Interest Expense | 11. INTEREST EXPENSE (INCOME): The components of net interest expense for the first quarter of 2018 and 2017 are as follows (in thousands): Three Months (13 Weeks) Ended March 31, 2018 April 1, 2017 Interest expense $ 40,178 $ 46,300 Interest income (3,064 ) (2,695 ) Interest expense, net $ 37,114 $ 43,605 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Schedule of Changes in Stockholders' Equity | 13. STOCKHOLDERS’ EQUITY: The following tables reflect the changes in stockholders’ equity attributable to both Nucor and the noncontrolling interests of Nucor’s joint ventures, primarily Nucor-Yamato Steel Company (Limited Partnership), of which Nucor owns 51%, for the three months ended March 31, 2018 and April 1, 2017 (in thousands): Attributable to Attributable to Total Stockholders’ equity at December 31, 2017 $ 8,739,036 $ 345,752 $ 9,084,788 Total comprehensive income 359,494 25,933 385,427 Stock options 12,630 — 12,630 Issuance of stock under award plans, net of forfeitures 15,240 — 15,240 Amortization of unearned compensation 700 — 700 Treasury stock acquired (29,193 ) — (29,193 ) Dividends declared (121,880 ) — (121,880 ) Distributions to noncontrolling interests — (24,793 ) (24,793 ) Stockholders’ equity at March 31, 2018 $ 8,976,027 $ 346,892 $ 9,322,919 Attributable to Attributable to Total Stockholders’ equity at December 31, 2016 $ 7,879,865 $ 374,843 $ 8,254,708 Total comprehensive income 357,750 20,749 378,499 Stock options 3,785 — 3,785 Issuance of stock under award plans, net of forfeitures 13,633 — 13,633 Amortization of unearned compensation 400 — 400 Dividends declared (121,410 ) — (121,410 ) Distributions to noncontrolling interests — (61,544 ) (61,544 ) Stockholders’ equity at April 1, 2017 $ 8,134,023 $ 334,048 $ 8,468,071 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Components of Accumulated Comprehensive Income (Loss) | The following tables reflect the changes in other accumulated comprehensive income (loss) by component for the three-month periods ended March 31, 2018 and April 1, 2017 (in thousands): Three-Months (13-Weeks) March 31, 2018 Gains and Losses on Foreign Currency Adjustment to Early Total Accumulated other comprehensive income (loss) at December 31, 2017 $ (2,800 ) $ (257,513 ) $ 5,632 $ (254,681 ) Other comprehensive income (loss) before reclassifications (752 ) 6,115 — 5,363 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) (48 ) — — (48 ) Net current-period other comprehensive income (loss) (800 ) 6,115 — 5,315 Accumulated other comprehensive income (loss) at March 31, 2018 $ (3,600 ) $ (251,398 ) $ 5,632 $ (249,366 ) Three-Months (13-Weeks) April 1, 2017 Gains and Losses on Foreign Currency Adjustment to Early Total Accumulated other comprehensive income (loss) at December 31, 2016 $ 750 $ (326,170 ) $ 7,577 $ (317,843 ) Other comprehensive income (loss) before reclassifications (1,635 ) 2,001 — 366 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) 485 — — 485 Net current-period other comprehensive income (loss) (1,150 ) 2,001 — 851 Accumulated other comprehensive income (loss) at April 1, 2017 $ (400 ) $ (324,169 ) $ 7,577 $ (316,992 ) (1) Includes $(48) and $485 of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2018 and 2017, respectively. The tax impacts of those reclassifications were $0 and $300 in the first quarter of 2018 and 2017, respectively. |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segments | Nucor’s results by segment for the first quarter of 2018 and 2017 were as follows (in thousands): Three Months (13 Weeks) Ended March 31, 2018 April 1, 2017 Net sales to external customers: Steel mills $ 3,580,694 $ 3,190,507 Steel products 1,468,711 1,212,357 Raw materials 519,014 412,315 $ 5,568,419 $ 4,815,179 Intercompany sales: Steel mills $ 898,326 $ 658,360 Steel products 35,770 29,701 Raw materials 2,608,944 2,178,639 Corporate/eliminations (3,543,040 ) (2,866,700 ) $ — $ — Earnings (loss) before income taxes and noncontrolling interests: Steel mills $ 560,503 $ 644,183 Steel products 85,814 66,919 Raw materials 74,547 26,391 Corporate/eliminations (204,952 ) (188,518 ) $ 515,912 $ 548,975 March 31, 2018 Dec. 31, 2017 Segment assets: Steel mills $ 8,147,875 $ 7,671,217 Steel products 4,407,472 4,323,907 Raw materials 3,567,900 3,396,110 Corporate/eliminations (2,001 ) 450,024 $ 16,121,246 $ 15,841,258 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Disaggregates by Major Source | The following table disaggregates our revenue by major source for the three months ended March 31, 2018 (in thousands): Three Months (13 Weeks) Ended March 31, 2018 Steel Mills Steel Products Raw Materials Total Sheet $ 1,666,220 $ 1,666,220 Bar 1,090,147 1,090,147 Structural 396,697 396,697 Plate 427,630 427,630 Tubular Products $ 311,228 311,228 Rebar Fabrication 329,219 329,219 Other Steel Products 828,264 828,264 Raw Materials $ 519,014 519,014 $ 3,580,694 $ 1,468,711 $ 519,014 $ 5,568,419 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computations of Basic and Diluted Net Earnings Per Share | Three Months (13 Weeks) Ended March 31, 2018 April 1, 2017 Basic net earnings per share: Basic net earnings $ 354,179 $ 356,899 Earnings allocated to participating securities (1,181 ) (1,192 ) Net earnings available to common stockholders $ 352,998 $ 355,707 Average shares outstanding 319,421 320,224 Basic net earnings per share $ 1.11 $ 1.11 Diluted net earnings per share: Diluted net earnings $ 354,179 $ 356,899 Earnings allocated to participating securities (1,177 ) (1,188 ) Net earnings available to common stockholders $ 353,002 $ 355,711 Diluted average shares outstanding: Basic shares outstanding 319,421 320,224 Dilutive effect of stock options and other 1,053 922 320,474 321,146 Diluted net earnings per share $ 1.10 $ 1.11 |
Basis of Interim Presentation -
Basis of Interim Presentation - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Amount of increase in consolidated net sales if previous accounting guidance had continued to be used | $ 10.2 |
Amount of increase in revenue had previous accounting method been used as a percentage of sales | 0.20% |
Amount of increase in consolidated cost of products sold if previous accounting guidance had continued to be used | $ 10.2 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies in inventory, percentage | 41.00% | 42.00% |
Finished and semi-finished products in inventory, percentage | 59.00% | 58.00% |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ 8,840,000 | $ 8,700,000 |
Property, plant and equipment, net | 5,090,890 | 5,093,147 |
Combined Carrying Value of the Three Groups of Wells [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 246,400 | $ 252,000 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets - Schedule of Change in Net Carrying Amount of Goodwill by Segment (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Goodwill [Line Items] | |
Balance, beginning of period | $ 2,196,058 |
Translation | (493) |
Balance, end of period | 2,195,565 |
Steel Mills [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 745,484 |
Reclassifications | (153,498) |
Balance, end of period | 591,986 |
Steel Products [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 720,997 |
Translation | (493) |
Reclassifications | 153,498 |
Balance, end of period | 874,002 |
Raw Materials [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 729,577 |
Balance, end of period | $ 729,577 |
Goodwill and Other Intangible39
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | Apr. 01, 2017 | Dec. 31, 2017 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Impairment of goodwill | $ 0 | |||
Intangible asset amortization expense | $ 22,500,000 | $ 22,400,000 | ||
Future amortization expense, in 2018 | 88,600,000 | |||
Future amortization expense, in 2019 | 86,700,000 | |||
Future amortization expense, in 2020 | 84,400,000 | |||
Future amortization expense, in 2021 | 83,100,000 | |||
Future amortization expense, in 2022 | $ 80,800,000 | |||
Minimum [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Intangible assets, useful life | 5 years | 5 years | ||
Maximum [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Intangible assets, useful life | 22 years | 22 years |
Goodwill and Other Intangible40
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | $ 1,659,430 | $ 1,659,500 |
Intangible assets, Accumulated Amortization | 767,309 | 744,854 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 1,420,166 | 1,420,224 |
Intangible assets, Accumulated Amortization | 659,469 | 641,089 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 176,457 | 176,471 |
Intangible assets, Accumulated Amortization | 79,833 | 77,208 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 62,807 | 62,805 |
Intangible assets, Accumulated Amortization | $ 28,007 | $ 26,557 |
Equity Investments - Additional
Equity Investments - Additional Information (Detail) $ in Thousands, € in Millions | Apr. 30, 2018USD ($) | Mar. 31, 2018USD ($)Sheet | Apr. 01, 2017USD ($) | Apr. 30, 2018EUR (€) | Mar. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) |
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment | $ 798,700 | $ 750,100 | |||||
Distributions from affiliates | 25,150 | $ 30,249 | |||||
Amortization expense due to fair value step-up | 22,453 | 22,368 | |||||
NuMit LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment | $ 305,800 | 321,400 | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||||
Period used for lag basis, in months | 1 month | ||||||
Distributions from affiliates | $ 25,200 | 30,200 | |||||
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 | 26 | ||||||
Duferdofin Nucor S.r.l. [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment | $ 292,600 | 285,900 | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||||
Period used for lag basis, in months | 1 month | ||||||
Equity method investments, share of net assets | $ 120,800 | ||||||
Basis difference due to the step-up to fair value of certain assets and liabilities | 171,800 | ||||||
Step-up to fair value of equity method investment, portion related to identification of goodwill | 95,000 | ||||||
Amortization expense due to fair value step-up | 2,400 | $ 2,100 | |||||
Due from related parties, noncurrent | $ 43,100 | € 35 | 41,900 | € 35 | |||
Notes receivable, related parties, interest rate | 0.83% | ||||||
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, 2022 | ||||||
Nucor JFE [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment | $ 88,900 | 71,100 | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||||
Period used for lag basis, in months | 1 month | ||||||
Facility A [Member] | Duferdofin Nucor S.r.l. [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investments credit facilities, amount | $ 197,100 | $ 150,900 | € 160 | € 122.5 | |||
Total amount outstanding under equity method investments credit facilities | $ 150,900 | € 122.5 | $ 146,700 | € 122.5 | |||
Guarantor obligation percentage of exposure in case of default | 50.00% | 50.00% | |||||
Line of credit facility, maturity period | Apr. 16, 2021 | Oct. 12, 2018 |
Current Liabilities - Additiona
Current Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Liabilities, Current [Abstract] | ||
Book overdrafts | $ 71.1 | $ 139.2 |
Dividends payable, current | $ 121.9 | $ 121.8 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | $ 50,000 | |
Total assets | $ 16,121,246 | 15,841,258 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 254,494 | 594,946 |
Short-term investments | 50,000 | |
Commodity and foreign exchange contracts | 3,245 | 479 |
Total assets | 257,739 | 645,425 |
Commodity and foreign exchange contracts | (6,302) | (8,531) |
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 | 254,494 | 594,946 |
Short-term investments | 50,000 | |
Total assets | 254,494 | 644,946 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 3,245 | 479 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Commodity Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity and foreign exchange contracts | 3,245 | |
Commodity and foreign exchange contracts | (8,531) | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity and foreign exchange contracts | $ 479 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Commodity and Foreign Exchange Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity and foreign exchange contracts | $ (6,302) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Fair value of short-term and long-term debt, including current maturities | $ 4,130 | $ 4,190 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for environmental loss contingencies, gross | $ 16.8 | $ 17.1 |
Accrued environmental loss contingencies, current | 4.5 | 3.8 |
Accrued environmental loss contingencies, noncurrent | $ 12.3 | $ 13.3 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2018USD ($)AnniversariesInstallmentshares | Apr. 01, 2017USD ($) | May 08, 2014shares | |
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% | ||
Compensation expenses for stock options | $ 0.4 | $ 0.3 | |
Omnibus Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, common stock available for grant | shares | 7.3 | 13 | |
Inactive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance | shares | 2.1 | ||
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 | $ 29.2 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 10 months 24 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 | $ 5.7 | 5 | |
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% | ||
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 | $ 2.7 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 2 years 2 months 12 days | ||
Compensation expense | $ 4.4 | $ 4.3 | |
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 | $ 1.8 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 9 months 18 days |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding at beginning of year, Shares | shares | 4,106 |
Granted, Shares | shares | 0 |
Exercised, Shares | shares | (288) |
Canceled, Shares | shares | 0 |
Outstanding at end of year, Shares | shares | 3,818 |
Stock Options exercisable at end of year, Shares | shares | 1,521 |
Outstanding at beginning of year, Weighted - Average Exercise Price | $ / shares | $ 47.96 |
Granted, Weighted - Average Exercise Price | $ / shares | 0 |
Exercised, Weighted - Average Exercise Price | $ / shares | 42.64 |
Canceled, Weighted - Average Exercise Price | $ / shares | 0 |
Outstanding at end of period, Weighted - Average Exercise Price | $ / shares | 48.36 |
Stock options exercisable at end of year, Weighted - Average Exercise Price | $ / shares | $ 43.53 |
Outstanding at end of period, Weighted - Average Remaining Contractual Life | 6 years 10 months 24 days |
Stock options exercisable at end of period, Weighted - Average Remaining Contractual Life | 4 years 10 months 24 days |
Exercised, Aggregate Intrinsic Value | $ | $ 7,253 |
Outstanding at end of period, Aggregate Intrinsic Value | $ | 48,614 |
Stock options exercisable at end of period, Aggregate Intrinsic Value | $ | $ 26,701 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Nucor's RSU Activity (Detail) - Restricted Stock Units [Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at beginning of year, Shares | shares | 1,071 |
Granted, Shares | shares | 0 |
Vested, Shares | shares | (8) |
Canceled, Shares | shares | (5) |
Unvested at end of year, Shares | shares | 1,058 |
Unvested at beginning of year, Grant Date Fair Value | $ / shares | $ 52.62 |
Granted, Grant Date Fair Value | $ / shares | 0 |
Vested, Grant Date Fair Value | $ / shares | 53.99 |
Canceled, Grant Date Fair Value | $ / shares | 53.51 |
Unvested at end of year, Grant Date Fair Value | $ / shares | $ 52.60 |
Stock-Based Compensation - Su49
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 in Thousands | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at beginning of year, Shares | shares | 91 |
Granted, Shares | shares | 256 |
Vested, Shares | shares | (212) |
Canceled, Shares | shares | 0 |
Unvested at end of year, Shares | shares | 135 |
Unvested at beginning of year, Grant Date Fair Value | $ / shares | $ 54.50 |
Granted, Grant Date Fair Value | $ / shares | 67.68 |
Vested, Grant Date Fair Value | $ / shares | 64.99 |
Canceled, Grant Date Fair Value | $ / shares | 0 |
Unvested at end of year, Grant Date Fair Value | $ / shares | $ 62.99 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Employee Benefit Plan [Abstract] | ||
Profit Sharing and Retirement Savings Plan, plan expense | $ 51.7 | $ 54 |
Interest Expense (Income) - Sch
Interest Expense (Income) - Schedule of Components of Net Interest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Interest Revenue (Expense), Net [Abstract] | ||
Interest expense | $ 40,178 | $ 46,300 |
Interest income | (3,064) | (2,695) |
Interest expense, net | $ 37,114 | $ 43,605 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Apr. 01, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | 26.30% | 31.20% | |
U.S. corporate federal income tax rate | 21.00% | 35.00% | |
Deferred tax assets write-off | $ 21.8 | ||
Non-current deferred tax liabilities included in deferred credits and other liabilities | 359.9 | $ 329.3 | |
Non-current deferred tax assets included in other assets | $ 0.7 | $ 0.6 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Mar. 31, 2018 | Sep. 02, 2015 |
Nucor-Yamato Steel Company [Member] | ||
Stockholders' Equity [Line Items] | ||
Noncontrolling interest, ownership percentage by parent | 51.00% | |
Common Stock [Member] | ||
Stockholders' Equity [Line Items] | ||
Share repurchase program remaining amount | $ 708,900,000 | |
Common Stock [Member] | Maximum [Member] | ||
Stockholders' Equity [Line Items] | ||
Share repurchase program authorized amount | $ 900,000,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Change in Stockholder's Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Stockholders' Equity [Line Items] | ||
Stockholders' equity, beginning of period | $ 9,084,788 | $ 8,254,708 |
Total comprehensive income | 385,427 | 378,499 |
Stock options | 12,630 | 3,785 |
Issuance of stock under award plans, net of forfeitures | 15,240 | 13,633 |
Amortization of unearned compensation | 700 | 400 |
Treasury stock acquired | (29,193) | |
Dividends declared | (121,880) | (121,410) |
Distributions to noncontrolling interests | (24,793) | (61,544) |
Stockholders' equity, end of period | 9,322,919 | 8,468,071 |
Total Nucor Stockholders' Equity [Member] | ||
Stockholders' Equity [Line Items] | ||
Stockholders' equity, beginning of period | 8,739,036 | 7,879,865 |
Total comprehensive income | 359,494 | 357,750 |
Stock options | 12,630 | 3,785 |
Issuance of stock under award plans, net of forfeitures | 15,240 | 13,633 |
Amortization of unearned compensation | 700 | 400 |
Treasury stock acquired | (29,193) | |
Dividends declared | (121,880) | (121,410) |
Stockholders' equity, end of period | 8,976,027 | 8,134,023 |
Noncontrolling Interests [Member] | ||
Stockholders' Equity [Line Items] | ||
Stockholders' equity, beginning of period | 345,752 | 374,843 |
Total comprehensive income | 25,933 | 20,749 |
Distributions to noncontrolling interests | (24,793) | (61,544) |
Stockholders' equity, end of period | $ 346,892 | $ 334,048 |
Accumulated Other Comprehensi55
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Beginning Balance, Gains and Losses on Hedging Derivatives | $ (2,800) | $ 750 |
Other comprehensive income (loss) before reclassifications, Gains and Losses on Hedging Derivatives | (752) | (1,635) |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and Losses on Hedging Derivatives | (48) | 485 |
Net current-period other comprehensive income (loss), Gains and Losses on Hedging Derivatives | (800) | (1,150) |
Ending Balance, Gains and Losses on Hedging Derivatives | (3,600) | (400) |
Beginning Balance, Foreign Currency Gains and losses | (257,513) | (326,170) |
Other comprehensive income (loss) before reclassifications, Foreign Currency Gains and Losses | 6,115 | 2,001 |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Foreign Currency Gains and Losses | 0 | 0 |
Net current-period other comprehensive (loss) income, Foreign Currency Gains and losses | 6,115 | 2,001 |
Ending Balance, Foreign Currency Gains and losses | (251,398) | (324,169) |
Beginning Balance, Adjustment to Early Retiree Medical Plan | 5,632 | 7,577 |
Other comprehensive income (loss) before reclassifications, Adjustment to Early Retiree Medical Plan | 0 | 0 |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan | 0 | 0 |
Net current-period other comprehensive (loss) income , Adjustment to Early Retiree Medical Plan | 0 | 0 |
Ending Balance, Adjustment to Early Retiree Medical Plan | 5,632 | 7,577 |
Beginning Balance | (254,681) | (317,843) |
Other comprehensive income (loss) before reclassifications | 5,363 | 366 |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings | (48) | 485 |
Net current-period other comprehensive (loss) income | 5,315 | 851 |
Ending Balance | $ (249,366) | $ (316,992) |
Accumulated Other Comprehensi56
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Comprehensive Loss (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and Losses on Hedging Derivatives | $ (48) | $ 485 |
AOCI reclassification impact on tax | 0 | 300 |
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 | (48) | 485 |
AOCI reclassification impact on tax | $ 0 | $ 300 |
Segments - Segments (Detail)
Segments - Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Apr. 01, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 5,568,419 | $ 4,815,179 | |
Earnings (loss) before income taxes and noncontrolling interests | 515,912 | 548,975 | |
Total assets | 16,121,246 | $ 15,841,258 | |
Operating Segments [Member] | Steel Mills [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,580,694 | 3,190,507 | |
Earnings (loss) before income taxes and noncontrolling interests | 560,503 | 644,183 | |
Total assets | 8,147,875 | 7,671,217 | |
Operating Segments [Member] | Steel Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,468,711 | 1,212,357 | |
Earnings (loss) before income taxes and noncontrolling interests | 85,814 | 66,919 | |
Total assets | 4,407,472 | 4,323,907 | |
Operating Segments [Member] | Raw Materials [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 519,014 | 412,315 | |
Earnings (loss) before income taxes and noncontrolling interests | 74,547 | 26,391 | |
Total assets | 3,567,900 | 3,396,110 | |
Corporate and Eliminations Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | (3,543,040) | (2,866,700) | |
Earnings (loss) before income taxes and noncontrolling interests | (204,952) | (188,518) | |
Total assets | (2,001) | $ 450,024 | |
Intercompany Eliminations [Member] | Steel Mills [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 898,326 | 658,360 | |
Intercompany Eliminations [Member] | Steel Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 35,770 | 29,701 | |
Intercompany Eliminations [Member] | Raw Materials [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 2,608,944 | $ 2,178,639 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customers [Line Items] | ||
Contract with customer, timing of satisfaction of performance obligation and payment | The durations of Nucor’s contracts with customers are generally one year or less. Customer payment terms are generally 30 days. | |
Contract liabilities | $ 97.6 | $ 72.3 |
Revenue reclassified from contract liabilities | $ 41.4 | |
Steel Mills [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Contract with customer, timing of satisfaction of performance obligation and payment | one year or less |
Revenue - Schedule of Revenue D
Revenue - Schedule of Revenue Disaggregates by Major Source (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Revenue from Contract with Customers [Line Items] | |
Revenues | $ 5,568,419 |
Sheet [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 1,666,220 |
Bar [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 1,090,147 |
Structural [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 396,697 |
Plate [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 427,630 |
Tubular Products [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 311,228 |
Rebar Fabrication [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 329,219 |
Other Steel Products [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 828,264 |
Raw Materials [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 519,014 |
Steel Mills [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 3,580,694 |
Steel Mills [Member] | Sheet [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 1,666,220 |
Steel Mills [Member] | Bar [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 1,090,147 |
Steel Mills [Member] | Structural [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 396,697 |
Steel Mills [Member] | Plate [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 427,630 |
Steel Products [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 1,468,711 |
Steel Products [Member] | Tubular Products [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 311,228 |
Steel Products [Member] | Rebar Fabrication [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 329,219 |
Steel Products [Member] | Other Steel Products [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 828,264 |
Raw Materials [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 519,014 |
Raw Materials [Member] | Raw Materials [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | $ 519,014 |
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 | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Earnings Per Share [Abstract] | ||
Basic net earnings | $ 354,179 | $ 356,899 |
Earnings allocated to participating securities, Basic | (1,181) | (1,192) |
Net earnings available to common stockholders, Basic | $ 352,998 | $ 355,707 |
Average shares outstanding | 319,421 | 320,224 |
Basic net earnings per share | $ 1.11 | $ 1.11 |
Diluted net earnings | $ 354,179 | $ 356,899 |
Earnings allocated to participating securities, Diluted | (1,177) | (1,188) |
Net earnings available to common stockholders, Diluted | $ 353,002 | $ 355,711 |
Basic shares outstanding | 319,421 | 320,224 |
Dilutive effect of stock options and other | 1,053 | 922 |
Diluted average shares outstanding | 320,474 | 321,146 |
Diluted net earnings per share | $ 1.10 | $ 1.11 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Earnings Per Share [Abstract] | ||
Stock options excluded from the computation of diluted net earnings per share | 0 | 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ in Millions | Apr. 30, 2018USD ($) |
Subsequent Event [Line Items] | |
Net proceeds of debt issuances | $ 986.1 |
Debt issuance costs | 11.9 |
Notes Three Point Nine Five Zero Percent Due Two Thousand Twenty Eight [Member] | |
Subsequent Event [Line Items] | |
Debt instrument face amount | $ 500 |
Debt instrument interest rate | 3.95% |
Debt instrument - maturity year | 2,028 |
Notes Four Point Four Zero Zero Percent Due Two Thousand Forty Eight [Member] | |
Subsequent Event [Line Items] | |
Debt instrument face amount | $ 500 |
Debt instrument interest rate | 4.40% |
Debt instrument - maturity year | 2,048 |
Amended And Restated Revolving Credit Facility [Member] | |
Subsequent Event [Line Items] | |
Credit facilities, amount outstanding | $ 0 |
Line of revolving credit facility expiration date | 2023-04 |