Document and Entity Information
Document and Entity Information | 3 Months Ended |
Apr. 04, 2020shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Apr. 4, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | NUE |
Entity Registrant Name | NUCOR CORPORATION |
Entity Central Index Key | 0000073309 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Interactive Data Current | Yes |
Title of 12(b) Security | Common Stock, par value $0.40 per share |
Security Exchange Name | NYSE |
Entity Incorporation, State or Country Code | DE |
Document Quarterly Report | true |
Document Transition Report | false |
Entity File Number | 1-4119 |
Entity Tax Identification Number | 13-1860817 |
Entity Address, Address Line One | 1915 Rexford Road |
Entity Address, City or Town | Charlotte |
Entity Address, State or Province | NC |
Entity Address, Postal Zip Code | 28211 |
City Area Code | 704 |
Local Phone Number | 366-7000 |
Entity Common Stock, Shares Outstanding | 301,134,738 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Income Statement [Abstract] | ||
Net sales | $ 5,624,337 | $ 6,096,624 |
Costs, expenses and other: | ||
Cost of products sold | 4,995,069 | 5,200,732 |
Marketing, administrative and other expenses | 153,392 | 180,739 |
Equity in losses (earnings) of unconsolidated affiliates | 823 | (2,906) |
Losses on assets | 287,846 | |
Interest expense, net | 40,910 | 28,443 |
Costs, expenses and other, total | 5,478,040 | 5,407,008 |
Earnings before income taxes and noncontrolling interests | 146,297 | 689,616 |
Provision for income taxes | 91,918 | 158,823 |
Net earnings | 54,379 | 530,793 |
Earnings attributable to noncontrolling interests | 34,048 | 28,987 |
Net earnings attributable to Nucor stockholders | $ 20,331 | $ 501,806 |
Net earnings per share: | ||
Basic | $ 0.07 | $ 1.63 |
Diluted | $ 0.07 | $ 1.63 |
Average shares outstanding: | ||
Basic | 302,909 | 306,585 |
Diluted | 302,932 | 307,180 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 04, 2020 | Mar. 30, 2019 | ||
Statement Of Comprehensive Income [Abstract] | |||
Net earnings | $ 54,379 | $ 530,793 | |
Other comprehensive (loss) income: | |||
Net unrealized (loss) income on hedging derivatives, net of income taxes of $(800) and $200 for the first quarter of 2020 and 2019, respectively | (2,256) | 731 | |
Reclassification adjustment for settlement of hedging derivatives included in net income, net of income taxes of $700 and $(200) for the first quarter of 2020 and 2019, respectively | [1] | 2,056 | (631) |
Foreign currency translation loss, net of income taxes of $0 for the first quarter of 2020 and 2019 | (64,461) | (6,640) | |
Net current-period other comprehensive income (loss) | (64,661) | (6,540) | |
Comprehensive (loss) income | (10,282) | 524,253 | |
Comprehensive (loss) attributable to noncontrolling interests | (34,048) | (28,987) | |
Comprehensive (loss) income attributable to Nucor stockholders | $ (44,330) | $ 495,266 | |
[1] | Includes $2,056 and $(631) of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2020 and 2019, respectively. The tax impact of those reclassifications was $700 and $(200) in the first quarter of 2020 and 2019, respectively. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Statement Of Comprehensive Income [Abstract] | ||
Net unrealized (loss) income on hedging derivatives, tax | $ (800) | $ 200 |
Reclassification adjustment for settlement of hedging derivatives included in net income, tax effect | 700 | (200) |
Foreign currency translation loss, tax | $ 0 | $ 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 04, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,245,157 | $ 1,534,605 |
Short-term investments | 146,000 | 300,040 |
Accounts receivable, net | 2,273,157 | 2,160,102 |
Inventories, net | 3,875,590 | 3,842,095 |
Other current assets | 307,347 | 389,528 |
Total current assets | 7,847,251 | 8,226,370 |
Property, plant and equipment, net | 6,416,959 | 6,178,555 |
Goodwill | 2,182,994 | 2,201,063 |
Other intangible assets, net | 718,006 | 742,186 |
Other assets | 700,851 | 996,492 |
Total assets | 17,866,061 | 18,344,666 |
Current liabilities: | ||
Short-term debt | 53,261 | 62,444 |
Current portion of long-term debt and finance lease obligations | 29,397 | 29,264 |
Accounts payable | 1,189,638 | 1,201,698 |
Salaries, wages and related accruals | 286,749 | 510,844 |
Accrued expenses and other current liabilities | 659,527 | 659,524 |
Total current liabilities | 2,218,572 | 2,463,774 |
Long-term debt and finance lease obligations due after one year | 4,243,181 | 4,291,301 |
Deferred credits and other liabilities | 808,239 | 798,415 |
Total liabilities | 7,269,992 | 7,553,490 |
Nucor stockholders' equity: | ||
Common stock | 152,061 | 152,061 |
Additional paid-in capital | 2,119,370 | 2,107,646 |
Retained earnings | 11,012,690 | 11,115,056 |
Accumulated other comprehensive loss, net of income taxes | (367,627) | (302,966) |
Treasury stock | (2,748,290) | (2,713,931) |
Total Nucor stockholders' equity | 10,168,204 | 10,357,866 |
Noncontrolling interests | 427,865 | 433,310 |
Total equity | 10,596,069 | 10,791,176 |
Total liabilities and equity | $ 17,866,061 | $ 18,344,666 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Operating activities: | ||
Net earnings | $ 54,379 | $ 530,793 |
Adjustments: | ||
Depreciation | 175,767 | 158,171 |
Amortization | 21,508 | 21,500 |
Stock-based compensation | 10,017 | 12,492 |
Deferred income taxes | 15,557 | 19,948 |
Distributions from affiliates | 2,000 | 26,034 |
Equity in losses (earnings) of unconsolidated affiliates | 823 | (2,906) |
Losses on assets | 287,846 | |
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | ||
Accounts receivable | (124,036) | 21,958 |
Inventories | (41,993) | 107,907 |
Accounts payable | (28,033) | (11,397) |
Federal income taxes | 55,987 | 105,573 |
Salaries, wages and related accruals | (216,736) | (325,866) |
Other operating activities | (11,880) | (13,499) |
Cash provided by operating activities | 201,206 | 650,708 |
Investing activities: | ||
Capital expenditures | (416,557) | (288,786) |
Investment in and advances to affiliates | (3,152) | (29) |
Divestiture of affiliates | 67,591 | |
Disposition of plant and equipment | 10,256 | 12,910 |
Acquisitions (net of cash acquired) | (9,495) | |
Purchase of investments | (24,746) | (50,000) |
Proceeds from the sale of investments | 178,787 | |
Other investing activities | 535 | 2,176 |
Cash used in investing activities | (254,877) | (265,633) |
Financing activities: | ||
Net change in short-term debt | (9,183) | 13,568 |
Proceeds from long-term debt, net of discount | 32,000 | 3,137 |
Repayment of long-term debt | (47,000) | |
Payment of tax withholdings on certain stock-based compensation | (209) | (1,364) |
Distributions to noncontrolling interests | (39,493) | (50,402) |
Cash dividends | (122,940) | (123,400) |
Acquisition of treasury stock | (39,499) | (72,830) |
Other financing activities | (2,290) | (1,947) |
Cash used in financing activities | (228,614) | (233,238) |
Effect of exchange rate changes on cash | (7,163) | 84 |
(Decrease) increase in cash and cash equivalents | (289,448) | 151,921 |
Cash and cash equivalents - beginning of year | 1,534,605 | 1,398,866 |
Cash and cash equivalents - end of three months | 1,245,157 | 1,550,787 |
Non-cash investing activity: | ||
Change in accrued plant and equipment purchases | $ 17,756 | $ 12,925 |
Basis of Interim Presentation
Basis of Interim Presentation | 3 Months Ended |
Apr. 04, 2020 | |
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, 2019 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 included 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 for the year ended December 31, 2019. |
Inventories
Inventories | 3 Months Ended |
Apr. 04, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. Inventories Inventories consisted of approximately 42% raw materials and supplies and 58% finished and semi-finished products at both April 4, 2020 and December 31, 2019. 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 |
Apr. 04, 2020 | |
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 $9.56 billion at April 4, 2020 ($9.42 billion at December 31, 2019). Nucor performed an impairment assessment of its proved producing natural gas well assets in the fourth quarter of 2019. One of the main assumptions that most significantly affects the undiscounted cash flows determination is management’s As a result of the impairment assessment, Nucor recorded a non-cash impairment charge of $35.0 million relating to one field of wells in the fourth quarter of 2019. The post-impairment carrying value of this field was $12.0 million Changes in the natural gas industry or a prolonged low-price environment beyond what had already been assumed in the assessments could cause management to revise the natural gas and natural gas liquids price assumptions, the estimated reserves or the estimated lease operating costs. Unfavorable revisions to these assumptions or estimates could possibly result in further impairment of some or all of the fields of proved well assets. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Apr. 04, 2020 | |
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 April 4, 2020 by segment was as follows (in thousands): Steel Mills Steel Products Raw Materials Total Balance at December 31, 2019 $ 591,986 $ 879,500 $ 729,577 $ 2,201,063 Other - (671 ) - (671 ) Translation - (17,398 ) - (17,398 ) Balance at April 4, 2020 $ 591,986 $ 861,431 $ 729,577 $ 2,182,994 Nucor completed its most recent annual goodwill impairment testing during the fourth quarter of 2019 and concluded that as of such time there was no impairment of goodwill for any of its reporting units. The assessment performed in 2019 used forward-looking projections and included expected improvements in the future cash flows of one of the Company’s reporting units, Rebar Fabrication. The fair value of this reporting unit exceeded its carrying value by approximately 56% in the most recent assessment. The reporting unit’s profitability in the first quarter of 2020 significantly increased from the first quarter of 2019. We expect the 2020 operating results of the Rebar Fabrication reporting unit will continue to improve compared to 2019. If our assessment of the relevant facts and circumstances changes, or the actual performance of this reporting unit falls short of expected results, non-cash impairment charges may be required. Total goodwill associated with the Rebar Fabrication reporting unit was $ 341.5 million as of April 4, 2020 ($ million as of December 31, 2019 ). An impairment of goodwill may also lead us to record an impairment of other intangible assets. Total finite-lived intangible assets associated with the Rebar Fabri cation reporting unit were $ 62.8 million as of April 4, 2020 ($ 67.2 million as of December 31, 2019 ). There have been no triggering events requiring an interim assessment for impairment of the Rebar Fabrication reporting unit since the most recent annual goodwill impairment testing date. Due to lower than expected operating results and anticipated changes to the Grating reporting unit’s business strategy and structure, the Company determined a triggering event occurred in the third quarter of 2019 and performed an impairment assessment. The fair value of the Grating reporting unit exceeded its carrying value by approximately 17% in that assessment. If our assessment of the relevant facts and circumstances changes, or the actual performance of this reporting unit falls short of expected results, noncash impairment charges may be required. Total goodwill associated with the Grating reporting unit was $36.2 million as of April 4, 2020 ($36.8 million as of December 31, 2019). 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 April 4, 2020 and December 31, 2019 (in thousands): April 4, 2020 December 31, 2019 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Customer relationships $ 1,410,717 $ 785,850 $ 1,412,954 $ 767,532 Trademarks and trade names 161,748 94,271 162,183 92,258 Other 63,822 38,160 63,807 36,968 $ 1,636,287 $ 918,281 $ 1,638,944 $ 896,758 Intangible asset amortization expense in both the first quarter of 2020 and 2019 was $21.5 million. Annual amortization expense is estimated to be $83.5 million in 2020; $82.3 million in 2021; $80.7 million in 2022; $80.0 million in 2023; and $79.2 million in 2024. |
Equity Investments
Equity Investments | 3 Months Ended |
Apr. 04, 2020 | |
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 $533.9 million at April 4, 2020 ($793.2 million at December 31, 2019) and is recorded in other assets in the condensed consolidated balance sheets. NuMit Nucor owns 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 owns a 50% economic and voting interest in Duferdofin Nucor S.r.l. (“Duferdofin Nucor”), an Italian steel manufacturer, and accounts for the investment (on a one-month Nucor’s investment in Duferdofin Nucor was $2.3 million at April 4, 2020 ($263.0 million at December 31, 2019). Nucor’s 50% share of the total net assets of Duferdofin Nucor was $110.9 million at April 4, 2020, resulting in a negative basis difference of $108.6 million. This is due to the $250.0 million impairment charge taken against the Company’s investment in Duferdofin Nucor in the first quarter of 2020 as discussed below, offset by the step-up to fair value of certain assets and liabilities attributable to Duferdofin Nucor as well as the identification of goodwill ($86.5 million at December 31, 2019) and finite-lived intangible assets. This basis difference prior to the impairment charge, excluding the portion attributable to goodwill, was being amortized based on the remaining estimated useful lives of the various underlying net assets, as appropriate. Amortization expense associated with the fair value step-up was $2.2 million in both the first quarter of 2020 and 2019. As of April 4, 2020, Nucor had outstanding notes receivable of €35.0 million ($37.8 million) from Duferdofin Nucor (€35.0 million, or $39.3 million, as of December 31, 2019). The notes receivable bear interest at a rate that resets annually on September 30 to the 12-month Euro Interbank Offered Rate plus 0.75 % per year. The maturity date of the principal amounts is January 31, 2022 . As of April 4, 2020 and December 31, 2019 , the notes receivable were classified in other assets in the condensed consolidated balance sheets. These notes were fully reserved in connection with the $250.0 million impairment charge taken against the Company’s investment in Duferdofin Nucor in the first quarter of 2020 as discussed below. 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. In April 2018, Duferdofin Nucor amended and extended Facility A to mature on April 16, 2021. The maximum amount Duferdofin Nucor could borrow under Facility A was €160.0 million ($173.0 million) at April 4, 2020. As of April 4, 2020, there was €147.0 million ($159.0 million) outstanding under that facility (€147.0 million, or $164.9 million, as of December 31, 2019). 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 joint venture with JFE Steel Corporation of Japan, to build and operate a galvanized sheet steel plant in central Mexico. Nucor-JFE plant construction is complete and operations started in the first quarter of 2020. Nucor accounts for the investment in Nucor-JFE (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between the members. Nucor’s investment in Nucor-JFE was $160.4 million at April 4, 2020 ($163.2 million at December 31, 2019). On January 16, 2019, Nucor entered into an agreement to guarantee a percentage, equal to its ownership percentage (50%), of Nucor-JFE’s borrowings under the General Financing Agreement and Promissory Note (the “Facility”). The fair value of the guarantee is immaterial. Nucor’s guarantee expires on April 30, 2020. Under the Facility, the maximum amount Nucor-JFE could borrow was $65.0 million as of April 4, 2020. The Facility is uncommitted. As of April 4, 2020, there was $20.0 million outstanding under the Facility (none as of December 31, 2019). If Nucor-JFE fails to pay when due any amounts for which it is obligated under the Facility, Nucor could be required to pay 50% of such amounts pursuant to and in accordance with the terms of its guarantee. Nucor has not recorded any liability associated with this guarantee. Nucor-JFE has other credit facilities that Nucor has agreed to guarantee. The principal amount subject to guarantee by Nucor for these other credit facilities was $25.0 million as of April 4, 2020 and December 31, 2019. The fair value of the guarantees is immaterial. If Nucor-JFE fails to pay when due any amounts for which it is obligated, Nucor could be required to pay such amounts pursuant to and in accordance with the terms of its guarantee. Nucor has not recorded any liability associated with these guarantees. All Equity Investments Nucor reviews its equity investments for impairment if and when circumstances indicate that a decline in fair value below their carrying amounts may have occurred. Nucor determined that a triggering event occurred in the first quarter of 2020 with respect to its equity method investment in Duferdofin Nucor due to adverse developments in the joint venture’s commercial outlook, which have been exacerbated by the COVID-19 pandemic, all of which have negatively impacted the joint venture’s strategic direction. After completing its impairment assessment, Nucor determined that the carrying amount exceeded its estimated fair value and the impairment condition was considered to be other than temporary. Therefore, Nucor recorded a $250.0 million impairment charge against its investment in Duferdofin Nucor in the first quarter of 2020. Additionally, the Company fully reserved its €35.0 million ($37.8 million) outstanding note receivable from Duferdofin Nucor due to an assessment of the likelihood of collection in light of these adverse developments and its effective subordination to Facility A, these charges are included in losses on assets in the condensed consolidated statements of earnings. The assumptions that most significantly affect the fair value determination include projected cash flows and the discount rate. The Company-specific inputs for measuring fair value are considered “Level 3” or unobservable inputs that are not corroborated by market data under applicable fair value authoritative guidance, as quoted market prices are not available. It is reasonably possible that material deviation of future performance from the estimates used in our most recent valuation could result in further impairment of our investment in Duferdofin Nucor and affect any potential liability associated with the Company’s guarantees of the indebtedness of Duferdofin Nucor as discussed above. |
Current Liabilities
Current Liabilities | 3 Months Ended |
Apr. 04, 2020 | |
Payables And Accruals [Abstract] | |
Current Liabilities | 6. Current Liabilities Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $117.0 million at April 4, 2020 ($116.4 million at December 31, 2019). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $122.7 million at April 4, 2020 ($122.9 million at December 31, 2019 ) . Accrued vacation and holiday pay, included in salaries, wages and related accruals in the condensed consolidated balance sheets , were $ 111.6 million at April 4, 2020 ($ 106.2 million at December 31, 2019). |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 04, 2020 | |
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 April 4, 2020 and December 31, 2019 (in thousands). Nucor does not have any non-financial assets or non-financial liabilities that are measured at fair value on a recurring basis. Fair Value Measurements at Reporting Date Using Description Carrying Amount in Condensed Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of April 4, 2020 Assets: Cash equivalents $ 920,226 $ 920,226 $ - $ - Short-term investments 146,000 146,000 - - Derivative contracts 4,685 - 4,685 - Total assets $ 1,070,911 $ 1,066,226 $ 4,685 $ - Liabilities: Derivative contracts $ (18,700 ) $ - $ (18,700 ) $ - As of December 31, 2019 Assets: Cash equivalents $ 1,229,000 $ 1,229,000 $ - $ - Short-term investments 300,040 300,040 - - Total assets $ 1,529,040 $ 1,529,040 $ - $ - Liabilities: Derivative contracts $ (19,599 ) $ - $ (19,599 ) $ - Fair value measurements for Nucor’s cash equivalents and short-term investments are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Our short-term investments at April 4, 2020 consisted of certificates of deposit, commercial paper and corporate notes. 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 $4.55 billion at April 4, 2020 ($4.81 billion at December 31, 2019). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at April 4, 2020 and December 31, 2019, or similar debt with the same maturities, ratings and interest rates. Disclosures are required for certain assets and liabilities that are measured at fair value, but are recognized and disclosed on a nonrecurring basis in periods subsequent to initial recognition. For Nucor, our equity investment in Duferdofin Nucor was measured at fair value as a result of the impairment recorded in the first quarter of 2020 (see Note 5). |
Contingencies
Contingencies | 3 Months Ended |
Apr. 04, 2020 | |
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 $16.5 million of accrued environmental costs at April 4, 2020 ($16.4 million at December 31, 2019), $5.1 million was classified in accrued expenses and other current liabilities ($4.1 million at December 31, 2019) and $11.4 million was classified in deferred credits and other liabilities ($12.3 million at December 31, 2019). Inherent uncertainties exist in these estimates primarily due to unknown conditions, evolving remediation technology and changing governmental regulations, legal standards and enforcement priorities. We are from time to time a party to various lawsuits, claims and other 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 |
Apr. 04, 2020 | |
Disclosure Of Compensation Related Costs Sharebased 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, officers and non-employee directors. The Company’s stockholders approved the Omnibus Plan on May 8, 2014. The Omnibus Plan permits the award of stock options, restricted stock units, restricted shares and other stock-based awards for up to 13.0 million shares of the Company’s common stock. As of April 4, 2020, 3.4 million shares remained available for award under the Omnibus Plan. 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 April 4, 2020, 1.1 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 directors with exercise prices at 100% of the market value on the date of the grant. The stock options granted are generally exercisable at the end of three years and have a term of 10 years. A summary of activity under Nucor’s stock option plans for the first quarter of 2020 is as follows (shares in thousands): Weighted- Weighted- Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Life Value Number of shares under stock options: Outstanding at beginning of year 3,892 $ 50.78 Granted - $ - Exercised - $ - $ - Canceled - $ - Outstanding at April 4, 2020 3,892 $ 50.78 5.6 years $ - Stock options exercisable at April 4, 2020 3,276 $ 49.79 5.1 years $ - Stock options granted to employees who are eligible for retirement on the date of the 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 $0.3 million in the first quarter of both 2020 and 2019. As of April 4, 2020, unrecognized compensation expense related to stock options was $0.9 million, which is expected to be recognized over a weighted-average period of 1.6 years. Restricted Stock Units Nucor annually grants restricted stock units (“RSUs”) to key employees, officers and non-employee directors. The RSUs granted to key employees and officers vest and are converted to common stock in three equal installments on each of the first three anniversaries of the grant date provided that a portion of the RSUs awarded to an officer prior to 2018 vest only upon the officer’s retirement. Retirement, for purposes of vesting in these RSUs only, means termination of employment with approval of the Compensation and Executive Development Committee of the Board of Directors after satisfying age and years of service requirements. RSUs granted to a non-employee director are fully vested on the grant date and are payable to the non-employee director in the form of common stock after the termination of the director’s service on the Board of Directors. RSUs granted to employees who are eligible for retirement on the date of the 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 price of Nucor’s common stock on the date of the grant. A summary of Nucor’s RSU activity for the first quarter of 2020 is as follows (shares in thousands): Shares Grant Date Fair Value Restricted stock units: Unvested at beginning of year 1,776 $ 52.60 Granted - $ - Vested (11 ) $ 53.19 Canceled (8 ) $ 53.77 Unvested at April 4, 2020 1,757 $ 52.59 Compensation expense for RSUs was $10.0 million in the first quarter of 2020 ($6.8 million in the first quarter of 2019). As of April 4, 2020, unrecognized compensation expense related to unvested RSUs was $50.5 million, which is expected to be recognized over a weighted-average period of 1.2 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 of the LTIP restricted stock award vests upon each of the first three anniversaries of the award date or, if earlier, upon the officer’s attainment of age 55 while employed by Nucor. Although participants are entitled to cash dividends and may vote such awarded shares, the sale or transfer of such shares is limited during the restricted period. The AIP provides for the payment of annual cash incentive awards. An AIP participant may elect, however, to defer payment of up to one-half of an AIP award. In such event, the deferred AIP award is converted into common stock units and credited with a deferral incentive, in the form of additional common stock units, equal to 25% of the number of common stock units attributable to the deferred AIP award. Common stock units attributable to deferred AIP awards are fully vested. Common stock units credited as a deferral incentive vest upon the AIP participant’s attainment of age 55 while employed by Nucor. Vested common stock units are paid to AIP participants in the form of shares of common stock following their termination of employment with Nucor. A summary of Nucor’s restricted stock activity under the AIP and the LTIP for the first quarter of 2020 is as follows (shares in thousands): Grant Date Shares Fair Value Restricted stock units and restricted stock awards: Unvested at beginning of year 147 $ 60.81 Granted 348 $ 36.15 Vested (344 ) $ 40.56 Canceled - $ - Unvested at April 4, 2020 151 $ 50.07 Compensation expense for common stock and common stock units awarded under the AIP and the LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was a credit of $0.3 million in the first quarter of 2020 ($5.4 million of expense in the first quarter of 2019). As of April 4, 2020, unrecognized compensation expense related to unvested restricted stock awards was $2.5 million, which is expected to be recognized over a weighted-average period of 2.0 years. |
Employee Benefit Plan
Employee Benefit Plan | 3 Months Ended |
Apr. 04, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plan | 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 $11.6 million and $71.2 million in the first quarter of 2020 and 2019, 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 |
Apr. 04, 2020 | |
Banking And Thrift Interest [Abstract] | |
Interest Expense (Income) | 11. Interest Expense (Income): The components of net interest expense for the first quarter of 2020 and 2019 are as follows (in thousands): Three Months (13 Weeks) Ended April 4, 2020 March 30, 2019 Interest expense $ 47,596 $ 37,062 Interest income (6,686 ) (8,619 ) Interest expense, net $ 40,910 $ 28,443 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 04, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The effective tax rate for the first quarter of 2020 was 62.8% as compared to 23.0% for the first quarter of 2019. The increase in the effective tax rate between 2019 and 2020 is primarily due to the $250.0 million financial statement impairment of our equity method investment in Duferdofin Nucor the first quarter of 2020. The impairment had no corresponding impact to the provision for income taxes. Nucor has concluded U.S. federal income tax matters for years through 2014. The tax years 2015 through 2018 remain open to examination by the Internal Revenue Service. The 2015 Canadian income tax returns for Harris Steel Group Inc. and certain related affiliates are currently under examination by the Canada Revenue Agency. The tax years 2013 through 2018 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions). Non-current deferred tax liabilities included in deferred credits and other liabilities in the condensed consolidated balance sheets were $446.5 million at April 4, 2020 ($431.0 million at December 31, 2019). |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Apr. 04, 2020 | |
Federal Home Loan Banks [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% Three Months (13 Weeks) Ended April 4, 2020 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, December 31, 2019 10,791,176 380,154 $ 152,061 $ 2,107,646 $ 11,115,056 $ (302,966 ) 78,342 $ (2,713,931 ) $ 10,357,866 $ 433,310 Net earnings 54,379 - - - 20,331 - - - 20,331 34,048 Other comprehensive income (loss) (64,661 ) - - - - (64,661 ) - - (64,661 ) - Stock options exercised - - - - - - - - - - Stock option expense 275 - - 275 - - - - 275 - Issuance of stock under award plans, net of forfeitures 16,189 - - 11,049 - - (148 ) 5,140 16,189 - Amortization of unearned compensation 400 - - 400 - - - - 400 - Treasury stock acquired (39,499 ) - - - - - 825 (39,499 ) (39,499 ) - Cash dividends declared (122,697 ) - - - (122,697 ) - - - (122,697 ) - Distributions to noncontrolling interests (39,493 ) - - - - - - - - (39,493 ) BALANCES, April 4, 2020 $ 10,596,069 380,154 $ 152,061 $ 2,119,370 $ 11,012,690 $ (367,627 ) 79,019 $ (2,748,290 ) $ 10,168,204 $ 427,865 Three Months (13 Weeks) Ended March 30, 2019 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, December 31, 2018 10,201,968 380,154 $ 152,061 $ 2,073,715 $ 10,337,445 $ (304,133 ) 74,562 $ (2,467,010 ) $ 9,792,078 $ 409,890 Net earnings 530,793 - - - 501,806 - - - 501,806 28,987 Other comprehensive income (loss) (6,540 ) - - - - (6,540 ) - - (6,540 ) - Stock options exercised 3,136 - - 233 - - (88 ) 2,903 3,136 - Stock option expense 312 - - 312 - - - - 312 - Issuance of stock under award plans, net of forfeitures 18,715 - - 8,479 - - (306 ) 10,236 18,715 - Amortization of unearned compensation 600 - - 600 - - - - 600 - Treasury stock acquired (72,830 ) - - - - - 1,200 (72,830 ) (72,830 ) - Cash dividends declared (123,086 ) - - - (123,086 ) - - - (123,086 ) - Distributions to noncontrolling interests (50,402 ) - - - - - - - - (50,402 ) Other - - - - (1,886 ) 1,886 - - - - BALANCES, March 30, 2019 $ 10,502,666 380,154 $ 152,061 $ 2,083,339 $ 10,714,279 $ (308,787 ) 75,368 $ (2,526,701 ) $ 10,114,191 $ 388,475 Dividends declared per share were $0.4025 per share in the first quarter of 2020 ($0.40 per share in the first quarter of 2019). On September 6, 2018, the Company announced that the Board of Directors had approved a new share repurchase program under which the Company is authorized to repurchase up to $2.0 billion of the Company’s common stock and terminated any previously authorized share repurchase programs. Share repurchases will be made from time to time in the open market at prevailing market prices or through private transactions or block trades. The timing and amount of repurchases will depend on market conditions, share price, applicable legal requirements and other factors. The share repurchase authorization is discretionary and has no expiration date. As of April 4, 2020, the Company had approximately $1.20 billion remaining available for share repurchases under the program. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Apr. 04, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 14. Accumulated Other Comprehensive Income (Loss) The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months ended April 4, 2020 and March 30, 2019 (in thousands): Three-Month (13-Week) Period Ended April 4, 2020 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gain (Loss) Retiree Medical Plan Total Accumulated other comprehensive income (loss) at December 31, 2019 $ (14,000 ) $ (296,773 ) $ 7,807 $ (302,966 ) Other comprehensive income (loss) before reclassifications (2,256 ) (64,461 ) - (66,717 ) Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) 2,056 - - 2,056 Net current-period other comprehensive income (loss) (200 ) (64,461 ) - (64,661 ) Accumulated other comprehensive income (loss) at April 4, 2020 $ (14,200 ) $ (361,234 ) $ 7,807 $ (367,627 ) Three-Month (13-Week) Period Ended March 30, 2019 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gain (Loss) Retiree Medical Plan Total Accumulated other comprehensive income (loss) at December 31, 2018 $ (6,500 ) $ (304,646 ) $ 7,013 $ (304,133 ) Other comprehensive income (loss) before reclassifications 731 (6,640 ) - (5,909 ) Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) (631 ) - - (631 ) Net current-period other comprehensive income (loss) 100 (6,640 ) - (6,540 ) Other - - 1,886 1,886 Accumulated other comprehensive income (loss) at March 30, 2019 $ (6,400 ) $ (311,286 ) $ 8,899 $ (308,787 ) (1) Includes $2,056 and $(631) of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2020 and 2019, respectively. The tax impact of those reclassifications was $700 and $(200) in the first quarter of 2020 and 2019, respectively. Included in the $361.2 million foreign currency losses at April 4, 2020 are $191.6 million of losses related to our equity method investment in Duferdofin Nucor and $169.6 million of losses related primarily to our Canadian operations. |
Segments
Segments | 3 Months Ended |
Apr. 04, 2020 | |
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, precision castings, 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 (“DJJ”), primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana, two facilities that produce direct reduced iron (“DRI”) used by the steel mills; and our natural gas production operations. Net interest expense on long-term debt, charges and credits associated with changes in allowances to eliminate intercompany profit in inventory, 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 2020 and 2019 were as follows (in thousands): Three Months (13 Weeks) Ended April 4, 2020 March 30, 2019 Net sales to external customers: Steel mills $ 3,519,270 $ 3,949,402 Steel products 1,726,854 1,654,522 Raw materials 378,213 492,700 $ 5,624,337 $ 6,096,624 Intercompany sales: Steel mills $ 869,092 $ 902,224 Steel products 83,369 62,805 Raw materials 2,423,805 2,423,869 Corporate/eliminations (3,376,266 ) (3,388,898 ) $ - $ - Earnings (loss) before income taxes and noncontrolling interests: Steel mills $ 156,506 $ 689,398 Steel products 162,559 77,433 Raw materials (7,911 ) 53,223 Corporate/eliminations (164,857 ) (130,438 ) $ 146,297 $ 689,616 April 4, 2020 Dec. 31, 2019 Segment assets: Steel mills $ 9,405,870 $ 9,283,216 Steel products 4,523,621 4,610,628 Raw materials 3,311,176 3,316,479 Corporate/eliminations 625,394 1,134,343 $ 17,866,061 $ 18,344,666 |
Revenue
Revenue | 3 Months Ended |
Apr. 04, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 16. Revenue The following tables disaggregate our revenue by major source for the first quarter of 2020 and 2019 (in thousands): Three Months (13 Weeks) Ended April 4, 2020 Steel Mills Steel Products Raw Materials Total Sheet $ 1,578,429 $ - $ - $ 1,578,429 Bar 1,062,666 - - 1,062,666 Structural 450,499 - - 450,499 Plate 427,676 - - 427,676 Tubular Products - 305,057 - 305,057 Rebar Fabrication - 423,316 - 423,316 Other Steel Products - 998,481 - 998,481 Raw Materials - - 378,213 378,213 $ 3,519,270 $ 1,726,854 $ 378,213 $ 5,624,337 Three Months (13 Weeks) Ended March 30, 2019 Steel Mills Steel Products Raw Materials Total Sheet $ 1,807,303 $ - $ - $ 1,807,303 Bar 1,115,130 - - 1,115,130 Structural 433,929 - - 433,929 Plate 593,040 - - 593,040 Tubular Products - 329,871 - 329,871 Rebar Fabrication - 342,055 - 342,055 Other Steel Products - 982,596 - 982,596 Raw Materials - - 492,700 492,700 $ 3,949,402 $ 1,654,522 $ 492,700 $ 6,096,624 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 $121.5 million as of April 4, 2020 ($108.6 million as of December 31, 2019), and are included in accrued expenses and other current liabilities in the condensed and consolidated balance sheets. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Apr. 04, 2020 | |
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 2020 and 2019 are as follows (in thousands, except per share amounts): Three Months (13 Weeks) Ended April 4, 2020 March 30, 2019 Basic net earnings per share: Basic net earnings $ 20,331 $ 501,806 Earnings allocated to participating securities (630 ) (1,968 ) Net earnings available to common stockholders $ 19,701 $ 499,838 Average shares outstanding 302,909 306,585 Basic net earnings per share $ 0.07 $ 1.63 Diluted net earnings per share: Diluted net earnings $ 20,331 $ 501,806 Earnings allocated to participating securities (630 ) (1,964 ) Net earnings available to common stockholders $ 19,701 $ 499,842 Diluted average shares outstanding: Basic shares outstanding 302,909 306,585 Dilutive effect of stock options and other 23 595 302,932 307,180 Diluted net earnings per share $ 0.07 $ 1.63 The following stock options were excluded from the computation of diluted net earnings per share for the first quarter of 2020 and 2019 because their effect would have been anti-dilutive (shares in thousands): Three Months (13 Weeks) Ended April 4, 2020 March 30, 2019 Anti-dilutive stock options: Weighted-average shares 3,701 963 Weighted-average exercise price $ 51.38 $ 60.92 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Change in Net Carrying Amount of Goodwill by Segment | The change in the net carrying amount of goodwill for the three months ended April 4, 2020 by segment was as follows (in thousands): Steel Mills Steel Products Raw Materials Total Balance at December 31, 2019 $ 591,986 $ 879,500 $ 729,577 $ 2,201,063 Other - (671 ) - (671 ) Translation - (17,398 ) - (17,398 ) Balance at April 4, 2020 $ 591,986 $ 861,431 $ 729,577 $ 2,182,994 |
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 April 4, 2020 and December 31, 2019 (in thousands): April 4, 2020 December 31, 2019 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Customer relationships $ 1,410,717 $ 785,850 $ 1,412,954 $ 767,532 Trademarks and trade names 161,748 94,271 162,183 92,258 Other 63,822 38,160 63,807 36,968 $ 1,636,287 $ 918,281 $ 1,638,944 $ 896,758 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of April 4, 2020 and December 31, 2019 (in thousands). Fair Value Measurements at Reporting Date Using Description Carrying Amount in Condensed Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of April 4, 2020 Assets: Cash equivalents $ 920,226 $ 920,226 $ - $ - Short-term investments 146,000 146,000 - - Derivative contracts 4,685 - 4,685 - Total assets $ 1,070,911 $ 1,066,226 $ 4,685 $ - Liabilities: Derivative contracts $ (18,700 ) $ - $ (18,700 ) $ - As of December 31, 2019 Assets: Cash equivalents $ 1,229,000 $ 1,229,000 $ - $ - Short-term investments 300,040 300,040 - - Total assets $ 1,529,040 $ 1,529,040 $ - $ - Liabilities: Derivative contracts $ (19,599 ) $ - $ (19,599 ) $ - |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Plans Activity | A summary of activity under Nucor’s stock option plans for the first quarter of 2020 is as follows (shares in thousands): Weighted- Weighted- Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Life Value Number of shares under stock options: Outstanding at beginning of year 3,892 $ 50.78 Granted - $ - Exercised - $ - $ - Canceled - $ - Outstanding at April 4, 2020 3,892 $ 50.78 5.6 years $ - Stock options exercisable at April 4, 2020 3,276 $ 49.79 5.1 years $ - |
Summary of Nucor's RSU Activity | A summary of Nucor’s RSU activity for the first quarter of 2020 is as follows (shares in thousands): Shares Grant Date Fair Value Restricted stock units: Unvested at beginning of year 1,776 $ 52.60 Granted - $ - Vested (11 ) $ 53.19 Canceled (8 ) $ 53.77 Unvested at April 4, 2020 1,757 $ 52.59 |
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 2020 is as follows (shares in thousands): Grant Date Shares Fair Value Restricted stock units and restricted stock awards: Unvested at beginning of year 147 $ 60.81 Granted 348 $ 36.15 Vested (344 ) $ 40.56 Canceled - $ - Unvested at April 4, 2020 151 $ 50.07 |
Interest Expense (Income) (Tabl
Interest Expense (Income) (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Banking And Thrift Interest [Abstract] | |
Schedule of Components of Net Interest Expense | The components of net interest expense for the first quarter of 2020 and 2019 are as follows (in thousands): Three Months (13 Weeks) Ended April 4, 2020 March 30, 2019 Interest expense $ 47,596 $ 37,062 Interest income (6,686 ) (8,619 ) Interest expense, net $ 40,910 $ 28,443 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Federal Home Loan Banks [Abstract] | |
Schedule Of Changes In Stock Holders 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% Three Months (13 Weeks) Ended April 4, 2020 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, December 31, 2019 10,791,176 380,154 $ 152,061 $ 2,107,646 $ 11,115,056 $ (302,966 ) 78,342 $ (2,713,931 ) $ 10,357,866 $ 433,310 Net earnings 54,379 - - - 20,331 - - - 20,331 34,048 Other comprehensive income (loss) (64,661 ) - - - - (64,661 ) - - (64,661 ) - Stock options exercised - - - - - - - - - - Stock option expense 275 - - 275 - - - - 275 - Issuance of stock under award plans, net of forfeitures 16,189 - - 11,049 - - (148 ) 5,140 16,189 - Amortization of unearned compensation 400 - - 400 - - - - 400 - Treasury stock acquired (39,499 ) - - - - - 825 (39,499 ) (39,499 ) - Cash dividends declared (122,697 ) - - - (122,697 ) - - - (122,697 ) - Distributions to noncontrolling interests (39,493 ) - - - - - - - - (39,493 ) BALANCES, April 4, 2020 $ 10,596,069 380,154 $ 152,061 $ 2,119,370 $ 11,012,690 $ (367,627 ) 79,019 $ (2,748,290 ) $ 10,168,204 $ 427,865 Three Months (13 Weeks) Ended March 30, 2019 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, December 31, 2018 10,201,968 380,154 $ 152,061 $ 2,073,715 $ 10,337,445 $ (304,133 ) 74,562 $ (2,467,010 ) $ 9,792,078 $ 409,890 Net earnings 530,793 - - - 501,806 - - - 501,806 28,987 Other comprehensive income (loss) (6,540 ) - - - - (6,540 ) - - (6,540 ) - Stock options exercised 3,136 - - 233 - - (88 ) 2,903 3,136 - Stock option expense 312 - - 312 - - - - 312 - Issuance of stock under award plans, net of forfeitures 18,715 - - 8,479 - - (306 ) 10,236 18,715 - Amortization of unearned compensation 600 - - 600 - - - - 600 - Treasury stock acquired (72,830 ) - - - - - 1,200 (72,830 ) (72,830 ) - Cash dividends declared (123,086 ) - - - (123,086 ) - - - (123,086 ) - Distributions to noncontrolling interests (50,402 ) - - - - - - - - (50,402 ) Other - - - - (1,886 ) 1,886 - - - - BALANCES, March 30, 2019 $ 10,502,666 380,154 $ 152,061 $ 2,083,339 $ 10,714,279 $ (308,787 ) 75,368 $ (2,526,701 ) $ 10,114,191 $ 388,475 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months ended April 4, 2020 and March 30, 2019 (in thousands): Three-Month (13-Week) Period Ended April 4, 2020 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gain (Loss) Retiree Medical Plan Total Accumulated other comprehensive income (loss) at December 31, 2019 $ (14,000 ) $ (296,773 ) $ 7,807 $ (302,966 ) Other comprehensive income (loss) before reclassifications (2,256 ) (64,461 ) - (66,717 ) Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) 2,056 - - 2,056 Net current-period other comprehensive income (loss) (200 ) (64,461 ) - (64,661 ) Accumulated other comprehensive income (loss) at April 4, 2020 $ (14,200 ) $ (361,234 ) $ 7,807 $ (367,627 ) Three-Month (13-Week) Period Ended March 30, 2019 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gain (Loss) Retiree Medical Plan Total Accumulated other comprehensive income (loss) at December 31, 2018 $ (6,500 ) $ (304,646 ) $ 7,013 $ (304,133 ) Other comprehensive income (loss) before reclassifications 731 (6,640 ) - (5,909 ) Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) (631 ) - - (631 ) Net current-period other comprehensive income (loss) 100 (6,640 ) - (6,540 ) Other - - 1,886 1,886 Accumulated other comprehensive income (loss) at March 30, 2019 $ (6,400 ) $ (311,286 ) $ 8,899 $ (308,787 ) (1) Includes $2,056 and $(631) of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2020 and 2019, respectively. The tax impact of those reclassifications was $700 and $(200) in the first quarter of 2020 and 2019, respectively. |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Segment Reporting [Abstract] | |
Segments | Nucor’s results by segment for the first quarter of 2020 and 2019 were as follows (in thousands): Three Months (13 Weeks) Ended April 4, 2020 March 30, 2019 Net sales to external customers: Steel mills $ 3,519,270 $ 3,949,402 Steel products 1,726,854 1,654,522 Raw materials 378,213 492,700 $ 5,624,337 $ 6,096,624 Intercompany sales: Steel mills $ 869,092 $ 902,224 Steel products 83,369 62,805 Raw materials 2,423,805 2,423,869 Corporate/eliminations (3,376,266 ) (3,388,898 ) $ - $ - Earnings (loss) before income taxes and noncontrolling interests: Steel mills $ 156,506 $ 689,398 Steel products 162,559 77,433 Raw materials (7,911 ) 53,223 Corporate/eliminations (164,857 ) (130,438 ) $ 146,297 $ 689,616 April 4, 2020 Dec. 31, 2019 Segment assets: Steel mills $ 9,405,870 $ 9,283,216 Steel products 4,523,621 4,610,628 Raw materials 3,311,176 3,316,479 Corporate/eliminations 625,394 1,134,343 $ 17,866,061 $ 18,344,666 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Net Sales Disaggregates by Major Source | The following tables disaggregate our revenue by major source for the first quarter of 2020 and 2019 (in thousands): Three Months (13 Weeks) Ended April 4, 2020 Steel Mills Steel Products Raw Materials Total Sheet $ 1,578,429 $ - $ - $ 1,578,429 Bar 1,062,666 - - 1,062,666 Structural 450,499 - - 450,499 Plate 427,676 - - 427,676 Tubular Products - 305,057 - 305,057 Rebar Fabrication - 423,316 - 423,316 Other Steel Products - 998,481 - 998,481 Raw Materials - - 378,213 378,213 $ 3,519,270 $ 1,726,854 $ 378,213 $ 5,624,337 Three Months (13 Weeks) Ended March 30, 2019 Steel Mills Steel Products Raw Materials Total Sheet $ 1,807,303 $ - $ - $ 1,807,303 Bar 1,115,130 - - 1,115,130 Structural 433,929 - - 433,929 Plate 593,040 - - 593,040 Tubular Products - 329,871 - 329,871 Rebar Fabrication - 342,055 - 342,055 Other Steel Products - 982,596 - 982,596 Raw Materials - - 492,700 492,700 $ 3,949,402 $ 1,654,522 $ 492,700 $ 6,096,624 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Earnings Per Share [Abstract] | |
Computations of Basic and Diluted Net Earnings Per Share | The computations of basic and diluted net earnings per share for the first quarter of 2020 and 2019 are as follows (in thousands, except per share amounts): Three Months (13 Weeks) Ended April 4, 2020 March 30, 2019 Basic net earnings per share: Basic net earnings $ 20,331 $ 501,806 Earnings allocated to participating securities (630 ) (1,968 ) Net earnings available to common stockholders $ 19,701 $ 499,838 Average shares outstanding 302,909 306,585 Basic net earnings per share $ 0.07 $ 1.63 Diluted net earnings per share: Diluted net earnings $ 20,331 $ 501,806 Earnings allocated to participating securities (630 ) (1,964 ) Net earnings available to common stockholders $ 19,701 $ 499,842 Diluted average shares outstanding: Basic shares outstanding 302,909 306,585 Dilutive effect of stock options and other 23 595 302,932 307,180 Diluted net earnings per share $ 0.07 $ 1.63 |
Anti-dilutive Stock Options | The following stock options were excluded from the computation of diluted net earnings per share for the first quarter of 2020 and 2019 because their effect would have been anti-dilutive (shares in thousands): Three Months (13 Weeks) Ended April 4, 2020 March 30, 2019 Anti-dilutive stock options: Weighted-average shares 3,701 963 Weighted-average exercise price $ 51.38 $ 60.92 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | Apr. 04, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies in inventory, percentage | 42.00% | 42.00% |
Finished and semi-finished products in inventory, percentage | 58.00% | 58.00% |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Apr. 04, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ 9,420,000 | $ 9,560,000 |
Property, plant and equipment, net | 6,178,555 | 6,416,959 |
Carrying Value of One Field of Wells [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Non-cash impairment charge | 35,000 | |
Property, plant and equipment, net | 12,300 | 12,000 |
Carrying Value of Two Field of Wells [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 66,600 | $ 65,300 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Change in Net Carrying Amount of Goodwill by Segment (Detail) $ in Thousands | 3 Months Ended |
Apr. 04, 2020USD ($) | |
Goodwill [Line Items] | |
Balance, beginning of period | $ 2,201,063 |
Other | (671) |
Translation | (17,398) |
Balance, end of period | 2,182,994 |
Steel Mills [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 591,986 |
Balance, end of period | 591,986 |
Steel Products [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 879,500 |
Other | (671) |
Translation | (17,398) |
Balance, end of period | 861,431 |
Raw Materials [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 729,577 |
Balance, end of period | $ 729,577 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Apr. 04, 2020 | Dec. 31, 2019 | Sep. 28, 2019 | Mar. 30, 2019 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Impairment of goodwill | $ 0 | |||
Goodwill | $ 2,182,994,000 | 2,201,063,000 | ||
Finite-lived intangible assets | 718,006,000 | $ 742,186,000 | ||
Intangible asset amortization expense | 21,500,000 | $ 21,500,000 | ||
Future amortization expense, in 2020 | 83,500,000 | |||
Future amortization expense, in 2021 | 82,300,000 | |||
Future amortization expense, in 2022 | 80,700,000 | |||
Future amortization expense, in 2023 | 80,000,000 | |||
Future amortization expense, in 2024 | $ 79,200,000 | |||
Minimum [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Intangible assets, useful life | 5 years | |||
Maximum [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Intangible assets, useful life | 22 years | |||
Rebar Fabrication [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Percentage of fair value exceeded carrying value | 56.00% | |||
Goodwill | $ 341,500,000 | $ 356,600,000 | ||
Finite-lived intangible assets | 62,800,000 | 67,200,000 | ||
Grating unit [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Percentage of fair value exceeded carrying value | 17.00% | |||
Goodwill | $ 36,200,000 | $ 36,800,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Apr. 04, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | $ 1,636,287 | $ 1,638,944 |
Intangible assets, Accumulated Amortization | 918,281 | 896,758 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 1,410,717 | 1,412,954 |
Intangible assets, Accumulated Amortization | 785,850 | 767,532 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 161,748 | 162,183 |
Intangible assets, Accumulated Amortization | 94,271 | 92,258 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 63,822 | 63,807 |
Intangible assets, Accumulated Amortization | $ 38,160 | $ 36,968 |
Equity Investments - Additional
Equity Investments - Additional Information (Detail) € in Millions | 3 Months Ended | 12 Months Ended | ||||
Apr. 04, 2020USD ($)Sheet | Mar. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Apr. 04, 2020EUR (€) | Dec. 31, 2019EUR (€) | Jan. 16, 2019 | |
Schedule Of Equity Method Investments [Line Items] | ||||||
Equity method investments | $ 533,900,000 | $ 793,200,000 | ||||
Amortization | 21,508,000 | $ 21,500,000 | ||||
NuMit LLC [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Equity method investments | $ 323,200,000 | 319,800,000 | ||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||||
Period used for lag basis, in months | 1 month | |||||
Distributions from affiliates | $ 2,000,000 | 26,000,000 | ||||
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 investments | $ 2,300,000 | 263,000,000 | ||||
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 | $ 110,900,000 | |||||
Equity method investments impairment charges | 250,000,000 | |||||
Basis difference due to the step-up to fair value of certain assets and liabilities | (108,600,000) | |||||
Step-up to fair value of equity method investment, portion related to identification of goodwill | 86,500,000 | |||||
Amortization | 2,200,000 | $ 2,200,000 | ||||
Due from related parties, noncurrent | $ 37,800,000 | 39,300,000 | € 35 | € 35 | ||
Interest rate per year in excess of Euribor as of date of the notes | 0.75% | |||||
Equity method investments notes payable with parent company, maturity date | Jan. 31, 2022 | |||||
Due from related parties | $ 37,800,000 | 35 | ||||
Duferdofin Nucor S.r.l. [Member] | Facility A [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Equity method investments credit facilities subject to guarantee, amount | 173,000,000 | 160 | ||||
Total amount outstanding under equity method investments credit facilities | $ 159,000,000 | 164,900,000 | € 147 | € 147 | ||
Guarantor obligation percentage of exposure in case of default | 50.00% | 50.00% | ||||
Line of credit facility, maturity period | Apr. 16, 2021 | |||||
Nucor-JFE [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Equity method investments | $ 160,400,000 | 163,200,000 | ||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | |||
Principal amount subject to guarantee for other credit facilities | $ 25,000,000 | 25,000,000 | ||||
Nucor-JFE [Member] | General Financing Agreement and Promissory Note [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Equity method investments credit facilities subject to guarantee, amount | 65,000,000 | |||||
Total amount outstanding under equity method investments credit facilities | $ 20,000,000 | $ 0 | ||||
Guarantor obligation percentage of exposure in case of default | 50.00% | 50.00% |
Current Liabilities - Additiona
Current Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Apr. 04, 2020 | Dec. 31, 2019 |
Liabilities Current [Abstract] | ||
Book overdrafts | $ 117 | $ 116.4 |
Dividends payable, current | 122.7 | 122.9 |
Accrued vacation and holiday pay | $ 111.6 | $ 106.2 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Apr. 04, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | $ 146,000 | $ 300,040 |
Total assets | 17,866,061 | 18,344,666 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 920,226 | 1,229,000 |
Short-term investments | 146,000 | 300,040 |
Derivative contracts | 4,685 | |
Total assets | 1,070,911 | 1,529,040 |
Derivative contracts | (18,700) | (19,599) |
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 | 920,226 | 1,229,000 |
Short-term investments | 146,000 | 300,040 |
Total assets | 1,066,226 | 1,529,040 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative contracts | 4,685 | |
Total assets | 4,685 | |
Derivative contracts | $ (18,700) | $ (19,599) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Apr. 04, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Fair value of short-term and long-term debt, including current maturities | $ 4,550 | $ 4,810 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Apr. 04, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
Accrual for environmental loss contingencies, gross | $ 16.5 | $ 16.4 |
Accrued environmental loss contingencies, current | 5.1 | 4.1 |
Accrued environmental loss contingencies, noncurrent | $ 11.4 | $ 12.3 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 04, 2020 | Mar. 30, 2019 | May 08, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance | 1,100,000 | ||
Stock options exercise prices as percentage of the market value on the date of the grant | 100.00% | ||
Compensation expenses for stock options | $ 0.3 | $ 0.3 | |
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 | $ 0.9 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 7 months 6 days | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to stock | $ 50.5 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 2 months 12 days | ||
Compensation expense | $ 10 | 6.8 | |
Omnibus Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, common stock available for grant | 3,400,000 | ||
Omnibus Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, common stock available for grant | 13,000,000 | ||
LTIP [Member] | Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Eligible age of officer for restricted stock award | 55 years | ||
AIP [Member] | Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Eligible age of officer for restricted stock award | 55 years | ||
Additional common stock units for election of deferred annual incentive award, percentage | 25.00% | ||
AIP and LTIP [Member] | Restricted Stock Awards and Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to stock | $ 2.5 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 2 years | ||
Compensation expense | $ (0.3) | $ 5.4 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) shares in Thousands | 3 Months Ended |
Apr. 04, 2020$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Outstanding at beginning of year, Shares | shares | 3,892 |
Outstanding at end of year, Shares | shares | 3,892 |
Options exercisable at end of year, Shares | shares | 3,276 |
Outstanding at beginning of year, Weighted - Average Exercise Price | $ / shares | $ 50.78 |
Outstanding at end of period, Weighted - Average Exercise Price | $ / shares | 50.78 |
Options exercisable at end of year, Weighted - Average Exercise Price | $ / shares | $ 49.79 |
Outstanding, Weighted - Average Remaining Contractual Life | 5 years 7 months 6 days |
Stock options exercisable, Weighted - Average Remaining Contractual Life | 5 years 1 month 6 days |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Nucor's RSU Activity (Detail) - Restricted Stock Units [Member] shares in Thousands | 3 Months Ended |
Apr. 04, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at beginning of year, Shares | shares | 1,776 |
Vested, Shares | shares | (11) |
Canceled, Shares | shares | (8) |
Unvested at end of year, Shares | shares | 1,757 |
Unvested at beginning of year, Grant Date Fair Value | $ / shares | $ 52.60 |
Vested, Grant Date Fair Value | $ / shares | 53.19 |
Canceled, Grant Date Fair Value | $ / shares | 53.77 |
Unvested at end of year, Grant Date Fair Value | $ / shares | $ 52.59 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Nucor's Restricted Stock Activity under AIP and LTIP (Detail) - Restricted Stock Units and Restricted Stock Awards [Member] shares in Thousands | 3 Months Ended |
Apr. 04, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at beginning of year, Shares | shares | 147 |
Granted, Shares | shares | 348 |
Vested, Shares | shares | (344) |
Unvested at end of year, Shares | shares | 151 |
Unvested at beginning of year, Grant Date Fair Value | $ / shares | $ 60.81 |
Granted, Grant Date Fair Value | $ / shares | 36.15 |
Vested, Grant Date Fair Value | $ / shares | 40.56 |
Unvested at end of year, Grant Date Fair Value | $ / shares | $ 50.07 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Employee Benefit Plan [Abstract] | ||
Profit Sharing and Retirement Savings Plan, plan expense | $ 11.6 | $ 71.2 |
Interest Expense (Income) - Sch
Interest Expense (Income) - Schedule of Components of Net Interest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Interest Revenue Or Expense Net [Abstract] | ||
Interest expense | $ 47,596 | $ 37,062 |
Interest income | (6,686) | (8,619) |
Interest expense, net | $ 40,910 | $ 28,443 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 04, 2020 | Mar. 30, 2019 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | |||
Effective income tax rate | 62.80% | 23.00% | |
Non-current deferred tax liabilities included in deferred credits and other liabilities | $ 446.5 | $ 431 | |
Duferdofin Nucor S.r.l. [Member] | |||
Income Tax Disclosure [Line Items] | |||
Impairment of equity method investment | $ 250 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Apr. 04, 2020 | Mar. 30, 2019 | Sep. 06, 2018 | |
Dividends declared per share | $ 0.4025 | $ 0.40 | |
Common Stock [Member] | |||
Share repurchase program, available repurchase amount | $ 1,200,000,000 | ||
Common Stock [Member] | Maximum [Member] | |||
Stock Repurchase Program, Authorized Amount | $ 2,000,000,000 | ||
Nucor-Yamato Steel Company [Member] | |||
Noncontrolling interest, ownership percentage by parent | 51.00% | 51.00% |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Change in Stockholder's Equity (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
BALANCES, beginning of period | $ 10,791,176 | $ 10,201,968 |
Net earnings | 54,379 | 530,793 |
Other comprehensive income (loss) | (64,661) | (6,540) |
Stock options exercised | 3,136 | |
Stock option expense | 275 | 312 |
Issuance of stock under award plans, net of forfeitures | 16,189 | 18,715 |
Amortization of unearned compensation | 400 | 600 |
Treasury stock value acquired | (39,499) | (72,830) |
Cash dividends declared | (122,697) | (123,086) |
Distributions to noncontrolling interests | (39,493) | (50,402) |
BALANCES, end of period | 10,596,069 | 10,502,666 |
Common Stock [Member] | ||
BALANCES, beginning of period | $ 152,061 | $ 152,061 |
BALANCES, shares at beginning of period | 380,154 | 380,154 |
BALANCES, end of period | $ 152,061 | $ 152,061 |
BALANCES, shares at end of period | 380,154 | 380,154 |
Additional Paid-in Capital [Member] | ||
BALANCES, beginning of period | $ 2,107,646 | $ 2,073,715 |
Stock options exercised | 233 | |
Stock option expense | 275 | 312 |
Issuance of stock under award plans, net of forfeitures | 11,049 | 8,479 |
Amortization of unearned compensation | 400 | 600 |
BALANCES, end of period | 2,119,370 | 2,083,339 |
Retained Earnings [Member] | ||
BALANCES, beginning of period | 11,115,056 | 10,337,445 |
Net earnings | 20,331 | 501,806 |
Cash dividends declared | (122,697) | (123,086) |
Other | (1,886) | |
BALANCES, end of period | 11,012,690 | 10,714,279 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
BALANCES, beginning of period | (302,966) | (304,133) |
Other comprehensive income (loss) | (64,661) | (6,540) |
Other | 1,886 | |
BALANCES, end of period | (367,627) | (308,787) |
Treasury Stock (at cost) [Member] | ||
BALANCES, beginning of period | $ (2,713,931) | $ (2,467,010) |
BALANCES, shares at beginning of period | 78,342 | 74,562 |
Stock options exercised | $ 2,903 | |
Stock options exercised (in shares) | (88) | |
Issuance of stock under award plans, net of forfeitures | $ 5,140 | $ 10,236 |
Issuance of stock under award plans, net of forfeitures, shares | (148) | (306) |
Treasury stock value acquired | $ (39,499) | $ (72,830) |
Treasury stock acquired (in shares) | 825 | 1,200 |
BALANCES, end of period | $ (2,748,290) | $ (2,526,701) |
BALANCES, shares at end of period | 79,019 | 75,368 |
Total Nucor Stockholders' Equity [Member] | ||
BALANCES, beginning of period | $ 10,357,866 | $ 9,792,078 |
Net earnings | 20,331 | 501,806 |
Other comprehensive income (loss) | (64,661) | (6,540) |
Stock options exercised | 3,136 | |
Stock option expense | 275 | 312 |
Issuance of stock under award plans, net of forfeitures | 16,189 | 18,715 |
Amortization of unearned compensation | 400 | 600 |
Treasury stock value acquired | (39,499) | (72,830) |
Cash dividends declared | (122,697) | (123,086) |
BALANCES, end of period | 10,168,204 | 10,114,191 |
Noncontrolling Interests [Member] | ||
BALANCES, beginning of period | 433,310 | 409,890 |
Net earnings | 34,048 | 28,987 |
Distributions to noncontrolling interests | (39,493) | (50,402) |
BALANCES, end of period | $ 427,865 | $ 388,475 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 04, 2020 | Mar. 30, 2019 | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |||
Beginning Balance, Gains and (Losses) on Hedging Derivatives | $ (14,000) | $ (6,500) | |
Other comprehensive income (loss) before reclassifications, Gains and (Losses) on Hedging Derivatives | (2,256) | 731 | |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and (Losses) on Hedging Derivatives | [1] | 2,056 | (631) |
Net current-period other comprehensive income (loss), Gains and (Losses) on Hedging Derivatives | (200) | 100 | |
Ending Balance, Gains and (Losses) on Hedging Derivatives | (14,200) | (6,400) | |
Beginning Balance, Foreign Currency Gains (Loss) | (296,773) | (304,646) | |
Other comprehensive income (loss) before reclassifications, Foreign Currency Gains (Loss) | (64,461) | (6,640) | |
Net current-period other comprehensive income (loss), Foreign Currency Gains (Loss) | (64,461) | (6,640) | |
Ending Balance, Foreign Currency Gains (Loss) | (361,234) | (311,286) | |
Beginning Balance, Adjustment to Early Retiree Medical Plan | 7,807 | 7,013 | |
Accumulated other comprehensive income loss defined benefit pension and other postretirement plans other net of tax | 1,886 | ||
Ending Balance, Adjustment to Early Retiree Medical Plan | 7,807 | 8,899 | |
Beginning Balance | (302,966) | (304,133) | |
Other comprehensive income (loss) before reclassifications | (66,717) | (5,909) | |
Amounts reclassified from accumulated other comprehensive income (loss) into earnings | [1] | 2,056 | (631) |
Net current-period other comprehensive income (loss) | (64,661) | (6,540) | |
Accumulated other comprehensive income loss other net of tax | 1,886 | ||
Ending Balance | $ (367,627) | $ (308,787) | |
[1] | Includes $2,056 and $(631) of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2020 and 2019, respectively. The tax impact of those reclassifications was $700 and $(200) in the first quarter of 2020 and 2019, respectively. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 04, 2020 | Mar. 30, 2019 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and (Losses) on Hedging Derivatives | [1] | $ 2,056 | $ (631) |
AOCI reclassification impact on tax | 700 | (200) | |
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 | 2,056 | (631) | |
AOCI reclassification impact on tax | $ 700 | $ (200) | |
[1] | Includes $2,056 and $(631) of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2020 and 2019, respectively. The tax impact of those reclassifications was $700 and $(200) in the first quarter of 2020 and 2019, respectively. |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 04, 2020 | Dec. 31, 2019 | Mar. 30, 2019 | Dec. 31, 2018 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Losses related to foreign currency/equity method investment/operations | $ (361,234) | $ (296,773) | $ (311,286) | $ (304,646) |
Canadian Operations [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Losses related to foreign currency/equity method investment/operations | (169,600) | |||
Duferdofin Nucor S.r.l. [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Losses related to foreign currency/equity method investment/operations | $ (191,600) |
Segments - Segments (Detail)
Segments - Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 04, 2020 | Mar. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 5,624,337 | $ 6,096,624 | |
Earnings (loss) before income taxes and noncontrolling interests | 146,297 | 689,616 | |
Total assets | 17,866,061 | $ 18,344,666 | |
Operating Segments [Member] | Steel Mills [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,519,270 | 3,949,402 | |
Earnings (loss) before income taxes and noncontrolling interests | 156,506 | 689,398 | |
Total assets | 9,405,870 | 9,283,216 | |
Operating Segments [Member] | Steel Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,726,854 | 1,654,522 | |
Earnings (loss) before income taxes and noncontrolling interests | 162,559 | 77,433 | |
Total assets | 4,523,621 | 4,610,628 | |
Operating Segments [Member] | Raw Materials [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 378,213 | 492,700 | |
Earnings (loss) before income taxes and noncontrolling interests | (7,911) | 53,223 | |
Total assets | 3,311,176 | 3,316,479 | |
Intercompany Eliminations [Member] | Steel Mills [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 869,092 | 902,224 | |
Intercompany Eliminations [Member] | Steel Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 83,369 | 62,805 | |
Intercompany Eliminations [Member] | Raw Materials [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,423,805 | 2,423,869 | |
Corporate and Eliminations Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | (3,376,266) | (3,388,898) | |
Earnings (loss) before income taxes and noncontrolling interests | (164,857) | $ (130,438) | |
Total assets | $ 625,394 | $ 1,134,343 |
Revenue - Schedule of Net Sales
Revenue - Schedule of Net Sales Disaggregates by Major Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Revenue from Contract with Customers [Line Items] | ||
Revenues | $ 5,624,337 | $ 6,096,624 |
Sheet [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 1,578,429 | 1,807,303 |
Bar [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 1,062,666 | 1,115,130 |
Structural [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 450,499 | 433,929 |
Plate [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 427,676 | 593,040 |
Tubular Products [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 305,057 | 329,871 |
Rebar Fabrication [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 423,316 | 342,055 |
Other Steel Products [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 998,481 | 982,596 |
Raw Materials [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 378,213 | 492,700 |
Steel Mills [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 3,519,270 | 3,949,402 |
Steel Mills [Member] | Sheet [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 1,578,429 | 1,807,303 |
Steel Mills [Member] | Bar [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 1,062,666 | 1,115,130 |
Steel Mills [Member] | Structural [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 450,499 | 433,929 |
Steel Mills [Member] | Plate [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 427,676 | 593,040 |
Steel Products [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 1,726,854 | 1,654,522 |
Steel Products [Member] | Tubular Products [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 305,057 | 329,871 |
Steel Products [Member] | Rebar Fabrication [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 423,316 | 342,055 |
Steel Products [Member] | Other Steel Products [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 998,481 | 982,596 |
Raw Materials [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 378,213 | 492,700 |
Raw Materials [Member] | Raw Materials [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | $ 378,213 | $ 492,700 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | Apr. 04, 2020 | Dec. 31, 2019 |
Revenue From Contract With Customer [Abstract] | ||
Contract liabilities | $ 121.5 | $ 108.6 |
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 | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Earnings Per Share [Abstract] | ||
Basic net earnings | $ 20,331 | $ 501,806 |
Earnings allocated to participating securities, Basic | (630) | (1,968) |
Net earnings available to common stockholders, Basic | $ 19,701 | $ 499,838 |
Average shares outstanding | 302,909 | 306,585 |
Basic net earnings per share | $ 0.07 | $ 1.63 |
Diluted net earnings | $ 20,331 | $ 501,806 |
Earnings allocated to participating securities, Diluted | (630) | (1,964) |
Net earnings available to common stockholders, Diluted | $ 19,701 | $ 499,842 |
Dilutive effect of stock options and other | 23 | 595 |
Diluted average shares outstanding | 302,932 | 307,180 |
Diluted net earnings per share | $ 0.07 | $ 1.63 |
Earnings Per Share - Anti-dilut
Earnings Per Share - Anti-dilutive Stock Options (Detail) - $ / shares shares in Thousands | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Earnings Per Share [Abstract] | ||
Weighted-average shares | 3,701 | 963 |
Weighted-average exercise price | $ 51.38 | $ 60.92 |